Brand value of property in Bangkok Metropolitan Region (BMR), Thailand

Rinchumphu, D, Eves, C and Susilawati, C 2013, 'Brand value of property in Bangkok Metropolitan Region (BMR), Thailand', International Real Estate Review, vol. 16, no. 3, pp. 296-322.

Document type: Journal Article
Collection: Journal Articles

Title Brand value of property in Bangkok Metropolitan Region (BMR), Thailand
Author(s) Rinchumphu, D
Eves, C
Susilawati, C
Year 2013
Journal name International Real Estate Review
Volume number 16
Issue number 3
Start page 296
End page 322
Total pages 27
Publisher University of Macau
Abstract This paper aims to evaluate the brand value of property in subdivision developments in the Bangkok Metropolitan Region (BMR), Thailand. The result has been determined by the application of a hedonic price model. The development of the model is developed based on a sample of 1,755 property sales during the period of 1992-2010 in eight zones of the BMR. The results indicate that the use of a semi- logarithmic model has stronger explanatory power and is more reliable. Property price increases 12.90% from the branding. Meanwhile, the price annually increases 2.96%; lot size and dwelling area have positive impacts on the price. In contrast, duplexes and townhouses have a negative impact on the price compared to single detached houses. Moreover, the price of properties which are located outside the Bangkok inner city area is reduced by 21.26% to 43.19%. These findings also contribute towards a new understanding of the positive impact of branding on the property price in the BMR. The result is useful for setting selling prices for branded and unbranded properties, and the model could provide a reference for setting property prices in subdivision developments in the BMR.
Subject Real Estate and Valuation Services
Building not elsewhere classified
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