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The Changes and Trends in Urban Land Prices: An Application of Hierarchical Growth Modelling

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Author(s): Chun-Chang Lee | Li-Yun Huang | Shu-Man You

Journal: Asian Economic and Financial Review
ISSN 2305-2147

Volume: 3;
Issue: 5;
Start page: 579;
Date: 2013;
Original page

Keywords: Multi-Level Growth Model | Urban Land Prices | Random Effect | Longitudinal Data

ABSTRACT
Urban land prices often changes over time; thus, they are a form of longitudinal data or nested structure. This study uses the growth model in hierarchical linear modelling (HLM) to discuss factors affecting the change in urban land prices in Taiwan over time. The empirical results indicate that urban land prices may increase over time, and the growth rate may slow as a result. As the mean intercept, growth rate and acceleration are statistically significant, three parameters are needed to explain the mean growth trajectory. Further population density and internal net migrants would moderate growth rate and acceleration of the urban land prices.
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