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<p>This paper examines the external and internal property value effects of building rehabilitation projects in Hong Kong, a city renowned for its successful urban renewal model. Using housing transaction data and a Hedonic difference-in-difference model, the study uncovers a significant positive impact of building rehabilitations on the property values of nearby residences within a 300-m radius of the renovated buildings. Additionally, through a heterogeneity analysis, the research highlights variations in property value externalities according to the age of the buildings and the size of the flats. The findings reveal an 8.4% increase in property value for rehabilitated buildings, a result that is robustly validated through comprehensive testing. These results emphasize the cost-effectiveness of building rehabilitation as a tool for urban renewal and underscore the importance of prioritizing this approach to mitigate urban decay.</p>

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Revitalizing urban landscapes: the economic impacts of building rehabilitation on property values in Hong Kong

  • 期刊论文

  • 发表日期：

    2025年5月29日

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  • Xian Zheng,
  • Zhen Xu,
  • Linzi Zheng,
  • Jun-xian Li,
  • Ziqing Yuan

摘要

This paper examines the external and internal property value effects of building rehabilitation projects in Hong Kong, a city renowned for its successful urban renewal model. Using housing transaction data and a Hedonic difference-in-difference model, the study uncovers a significant positive impact of building rehabilitations on the property values of nearby residences within a 300-m radius of the renovated buildings. Additionally, through a heterogeneity analysis, the research highlights variations in property value externalities according to the age of the buildings and the size of the flats. The findings reveal an 8.4% increase in property value for rehabilitated buildings, a result that is robustly validated through comprehensive testing. These results emphasize the cost-effectiveness of building rehabilitation as a tool for urban renewal and underscore the importance of prioritizing this approach to mitigate urban decay.