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Within-Development Density And Housing Prices In Singapore, Eric Fesselmeyer, Haoming Liu, Louisa Poco
Within-Development Density And Housing Prices In Singapore, Eric Fesselmeyer, Haoming Liu, Louisa Poco
Research Collection College of Integrative Studies
This paper measures how much more households pay for less density in their immediate surroundings. Using transaction and administrative data and exploiting the introduction of a regulation that restricted the number of housing units for certain land lots, we find that households discount density: a 10% increase in within-development density decreases the price per square meter by 5%. Further, the mean price per square meter of the average development increased by 1%–3% after the regulation was introduced, while the amount of built-up space remained constant. The increase in total revenue suggests developers may underestimate the externality caused by density.
The Effect Of Localized Density On Housing Prices In Singapore, Eric Fesselmeyer, Kiat Ying Sky Seah, Jonathan Ci Yi Kwok
The Effect Of Localized Density On Housing Prices In Singapore, Eric Fesselmeyer, Kiat Ying Sky Seah, Jonathan Ci Yi Kwok
Research Collection College of Integrative Studies
This paper measures how localized residential density impacts housing prices in Singapore. Using exogenous variation in residential density, we find that an increase in density causes non-trivial decreases in property values: a 10% increase in density decreases price per square foot by between 1.3% and 2%. To the best of our knowledge, ours is the first paper to measure this effect.Further, we find that the negative effect of density is biggest in magnitude for low density apartment projects and the magnitude is decreasing in the density of the project, and that the negative effect of density is increasing in magnitude …
The Effect Of Localized Density On Housing Prices In Singapore, Eric Fesselmeyer, Kiat Ying Sky Seah, Jonathan Ci Yi Kwok
The Effect Of Localized Density On Housing Prices In Singapore, Eric Fesselmeyer, Kiat Ying Sky Seah, Jonathan Ci Yi Kwok
Research Collection College of Integrative Studies
This paper measures how localized residential density impacts housing prices in Singapore. Using exogenous variation in residential density, we find that an increase in density causes non-trivial decreases in property values: a 10% increase in density decreases price per square foot by between 1.3% and 2%. To the best of our knowledge, ours is the first paper to measure this effect.Further, we find that the negative effect of density is biggest in magnitude for low density apartment projects and the magnitude is decreasing in the density of the project, and that the negative effect of density is increasing in magnitude …