The Impact of Proximity to Enclosed Fresh Food Market on Housing Prices in Hong Kong

Ervi, Liusman, Kwong Wing Chau and Y. L. Wong

ERES from European Real Estate Society (ERES)

Abstract: This study examines the impact of proximity to enclosed fresh food markets on nearby housing prices in Hong Kong. Fresh food markets are commonly found in residential areas in Asia for the convenience of shoppers. However, the presence of these markets can also pose health and hygiene hazards to nearby occupants. This study aims to investigate the net external effect of fresh food markets on nearby housing prices, which has not been explored before. The empirical results of this study suggest that the net external effects of enclosed fresh food markets on nearby housing prices are non-linear.This study found that larger enclosed fresh food markets, in terms of total floor area, have a stronger net positive external effect on nearby housing prices. Additionally, private enclosed fresh food markets were found to have a stronger net positive external effect compared to public ones. Furthermore, older enclosed fresh food markets were found to have a stronger net positive external effect compared to newer ones. In addition, the study also found evidence that enclosed fresh food markets with air conditioning systems have a net negative external effect on nearby housing prices.

Keywords: External Effects; Fresh Food Market; Hong Kong; Housing Prices (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2024-01-01
New Economics Papers: this item is included in nep-sea and nep-ure
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