The Influence of Floor Type of Multi-Family Residential on the Transaction Price and the Estimation of Utility Ratio among Floors
Ho-Wen Yang
Department of Land Management, Feng Chia University, No. 100, Wenhua Road, Xitun District, Taichung City 407, Taiwan.
Hsien-Chi Hsieh *
Ph.D. Program for Civil Engineering, Water Resources Engineering and Infrastructure Planning, Feng Chia University, No. 100, Wenhua Road, Xitun District, Taichung City 407, Taiwan.
*Author to whom correspondence should be addressed.
Abstract
In Taiwan’s multi-family residential, there are some problems in the previous research on the utility ratio among floors, including the failure to consider the difference in total number of floors, the excessive research scope and the residential price without deducting the parking space price. This research hopes to improve the problems of previous research, select 1,172 data of multi-family residential with total number of floors of 12, 15 and 22, and use the hedonic price model to establish the utility ratio among floors of residential buildings, and then compare the difference between absolute floors and relative floors on the transaction price. The empirical results found that in the comparative analysis of absolute floors and relative floors, the variable of relative floors is significant, showing that the residential price is significantly different with different total number of floors, and the total number of floors is higher that the residential price is higher; the importance of absolute floors on the residential price isn’t high. In the model of utility ratio among floors of different total number of floors, the utility curves are distributed in zigzag pattern. Taking floor 4 as the base floor, the floor price difference is higher on floor 1 and near the top floors, and the floor price difference of other floors is not significant.
Keywords: Multi-family residential, utility ratio among floors, absolute floors, relative floors.