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Title: Estimating the value enhancement effects of refurbishment
Authors: Chau, KW
Leung, AYT
Yiu, CY
Wong, SK
Keywords: Refurbishment
Property management
Issue Date: 2003
Publisher: Emerald Group Publishing Limited
Source: Facilities, 2003, v. 21, no. 1/2, p. 13-19 How to cite?
Journal: Facilities 
Abstract: There have been very few empirical studies investigating the value enhancement effects of refurbishment and most rely on cross‐sectional data, which cannot show the before and after effects conclusively because of the heterogeneous nature of the properties. The problem of refurbishment is more complicated in buildings or housing estates with multiple‐ownerships, since refurbishment is a collective decision, which can sometimes be difficult to achieve. Uses panel data in Hong Kong to estimate the impact of refurbishment on the market value of properties in a large housing estate. The results show that the refurbishment brought about approximately a 9 per cent increase in the market value of the properties, which far exceeds the cost of refurbishment. Suggests that property owners of a housing estate will benefit if they can reach a collective decision on renovation.
ISSN: 0263-2772
EISSN: 1758-7131
DOI: 10.1108/02632770310460504
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