Attributes Determining Condominium Prices in Bangkok (in Thai)
Kiriya Kulkolkarn and Chotiwut Laophairoj
The housing market, particularly the condominium sector in Bangkok has been rapidly expanding. In this paper, the hedonic price model is used to analyze the housing attributes that determine the price of condominiums in Bangkok. The Box-Cox technique is used to find an appropriate functional form of the model. The data of condominium prices and 20 attributes of 146 condominium units were collected from 42 sales offices during 1-31 January 2011. The results indicate that the attributes determining the price of condominium in Bangkok were: project location, proximity to sky train and subway, unit location, unit size, furniture, total number of units in a project, land size, waiting duration before construction is completed, reputation of developers, parking space, common fee for maintenance and services, and number of bedrooms. The estimated coefficients indicate relative prices of the attributes which can be used as reference prices for buyers, developers and banks.
Keywords: condominium in Bangkok, hedonic price model, housing attributes
JEL Classification: C01, C19, C22, C59
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