Spatial and Hedonic Analysis of Housing Prices in Shanghai
Habitat International 67 (2017) 69e78 Contents lists available at ScienceDirect Habitat International journal homepage: www.elsevier.com/locate/habitatint Spatial and hedonic analysis of housing prices in Shanghai * ** Zezhou Huang a, Ruishan Chen a, b, ,DiXuc, , Wei Zhou d a Key Laboratory of Geographic Information Science, Ministry of Education, and School of Geographic Sciences, East China Normal University, Shanghai 200241, China b Key Laboratory of the Coastal Zone Exploitation and Protection, The Ministry of Land and Resource of China, Nanjing 210023, China c Urban Development Research Institution, Shanghai Normal University, Shanghai 200234, China d School of Public Administration, Hohai University, Nanjing 210098, China article info Article history: had become one of the cities with the highest average housing price Received 1 March 2017 in China (National Bureau of Statistics of China, 2003). While United Received in revised form Nations Center for Human Settlements estimated that a rational 2 July 2017 ratio of housing price and revenue is about 3:1, that in Shanghai in Accepted 5 July 2017 2004 was amazingly 14.8:1. Even if the residents' average income in Shanghai was fewer than one-tenth of that in the US, the average housing price in Shanghai was higher than that in New York and Chicago (Gu, 2005). In 2010, with the ratio of housing price and revenue at about 17:1, middle-income residents in Shanghai absolutely lacked the housing affordability through bank loans & 1. Introduction (Luan, Zhou, Yi, 2012). Under such circumstances, it is meaningful for us to further explore the spatial pattern and determining factors Housing prices in Chinese cities, particularly in Shanghai, Bei- of housing prices in Shanghai.
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