Effects of locations, structures and neighbourhoods to housing price: an empirical study in Shanghai, China

Since Chinese housing market has been reformed, the increasing housing price has been a focus of the whole society. Shanghai, as the economic and financial center in China, is one of the cities which have the highest housing price. However, the high housing price has gradually become an important economic problem, as it could create huge challenges to maintain a healthy real estate industry in China. A comprehensive understanding of the relationship between housing market and its impactors is in need to control the housing price. This paper will focus on Shanghai housing market and analyse relationship between 12 housing characteristics and housing price, using hedonic price model. It is found that the 12 housing characteristics impact Shanghai housing price differently. This paper could provide newest and largest amount of data as references to researchers and investors who concern about Shanghai housing market, and help government to formulate a proper housing price policy.