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ECON6104 Introduction to Housing Markets
Both files are required for submission. Failing to submit either one will result in a fail for this assignment.
Use the transaction data in the dataset file “ECON6104_Dataset_for_Assignments.xlsx” to construct a monthly price index from July 1991 to July 2024, with July 1991 as the base period (1991 July = 100). The report should introduce the hedonic equation used for estimation, with attributes derived from the variables in the dataset. Data cleaning processes (if any) should be documented. The price index should be presented in a line plot.
Part 2. Use repeat sale method to construct price index for Hong Kong’s residential housing market.
Use the transaction data in the dataset file “ECON6104_Dataset_for_Assignments.xlsx” to construct a monthly price index from July 1991 to July 2024, with July 1991 as the base period (1991 July = 100). The report should introduce the repeat sale equation used for estimation. Data cleaning processes (if any) should be documented. The price index should be presented in a line plot.
Collect additional residential housing price indices in Hong Kong, such as those publicly available on the websites of the Rating and Valuation Department (RVD), Centaline Properties, and Midland Realty. Compare the patterns of these different price indices with those constructed in Parts 1 and 2, and comment on their similarities and differences.
Instructions for the Codes for Replication
If you wish to use another programming language, please consult the course TA.
The codes should be able to replicate the price indices and the line plots in Parts 1 and 2 of the report directly from the raw data in the dataset file “ECON6104_Dataset_for_Assignments.xlsx”. This means thatdata cleaning processes, variable format choices, and regression analysis should be included in the code for replication. The code does not need to include Part 3 of the report.ECON6104 Introduction to Housing Markets
Appendix. Introduction for the dataset file “ECON6104_Dataset_for_Assignments.xlsx”
We assume (1) all the transaction records are from secondary sale market, (2) special deals are excluded.
|
Variable Names |
Definitions |
|
IDATE |
Transaction dates (on which the Sale and Purchase Agreement is signed) |
|
ename |
Name of estate |
|
phase |
Name of phase |
|
bname |
Name of building |
|
floor |
Floor level |
|
room |
Room number |
|
address |
Address of building |
|
hma |
Housing Market Area defined by Centaline Properties |
|
school |
Primary school net |
|
district |
18 districts |
|
territory |
3 territories |
|
x |
Coordinates (HK1980) |
|
y |
Coordinates (HK1980) |
|
lat |
Coordinates (WGS84) |
|
lng |
Coordinates (WGS84) |
|
occupation |
Occupation Permit dates (on which the building is completed) |
|
swimmingpool |
Whether the estate has swimming pool |
|
clubhouse |
Whether the estate has clubhouse |
|
developer |
Name of developer |
|
CONSIDER |
Transaction prices (in millions of Hong Kong dollars) |
|
ufa |
Net living area of the unit (square feet) |
|
gfa |
Gross floor area of the unit (square feet) |
|
eunits |
Number of units in estate |
|
ebuildings |
Number of buildings in estate |
|
bunits |
Number of units in building |
|
bfloors |
Number of floors in building |
|
funits |
Number of units in floor |