Assessment of the effect of spatial factors on residential rental property values in urban areas

Abstract

Residential property is a multi-dimensional commodity, characterized by durability, structural inflexibility as well as spatial fixity. Each residential unit has a unique bundle of attributes: its accessibility to work, transport, amenities, the structural characteristics, neighbourhood, and environmental quality (Ziauddin and Idris 2017). Residential properties are defined by both structural and neighbourhood attributes. These attributes include the physical condition of the dwellings and the characteristics of the surrounding area, which together determine the overall quality of the residential environment (Ph 2019). The location seemingly obvious factors that affects residential property values, it not only refers to the spatial position, but also includes the surrounding facilities and environmental amenities that have considerable external benefits for residential communities. Various locational facilities (e.g., transport systems, educational facilities, medical facilities and commercial facilities, etc.) increasingly influence the real estate market and are the determining factors considered by potential real estate purchasers.(Liang et al. 2018)