The impact of public open space on housing prices: The attitude and view of urban residents towards public open space in Beijing
This research is trying to explore the concept of public open spaces with respect to housing prices in Beijing. This resource is tried to incorporate concepts like public open spaces and Feng Shui in order to estimate their importance in terms of the pricing strategies that have been taken by the real estate industry for choosing the prices of houses in Beijing. On the basis of secondary data and a qualitative review this research is trying to explore the diverse range of factors which can have an impact on pricing strategy of houses. Different peer reviewed journals and articles have been used for the process of data analysis. These data have been positively analysed and the comparison has been grown in order to estimate the influence of diverse range of factors like public open spaces and Chinese traditional culture like Feng Shui on the choice of houses purchased by people in Beijing.
This study has also used ideas related to Henderson equation and explains the different factors which can lead towards better utilisation of resources in real estate designing in order to offer a healthy lifestyle to the customers. Following a deductive research approach this research has tried to analyse different literatures and find out research gap. With the help of qualitative data analysis of secondary articles and journals this research has tried to find out the answers of the Research question and address to the gaps in the existing literature. With the help of Henderson equations used by authors in secondary data this research has tried to draw a comparison between the opinions that have been shared by them. This is effectively helps in identifying the trends in terms of pricing of houses in Bejing.
This resource has been able to identify the ways in which public open spaces have been in demand among the people and the reason behind it. Eros also tried to explore the difference between concepts like Feng Shui with respect to their impact on housing prices in Beijing. This research can be further used for better development of the real estate industry and estimating the demand of the customers for designing proper pricing strategies.
Acknowledgement and Declaration
I would like to express my sincere acknowledgement and gratitude towards my mentor and my teachers for guiding me throughout the course of my dissertation. I am thankful to my friends my family members and other acquaintances for helping me throughout my life and my curriculum. I express my gratitude to all the authors who have enriched my study through their journals and articles. I am grateful to my mentor for sharing guiding me with valued opinions and helping to interpret the research results in a more effective manner. it is only due to the combined effect of all of them that I have been able to identify my true potential and perform my level best for conducting this research work.
I would declare that I have incorporated all the ethical norms while conducting this research work keeping in mind research ethics which consists of honesty integrity and confidentiality. All the information that has been shared with this research are true to my knowledge. There has not been any deliberate misinterpretation of data or any ambiguous statement used during the course of the research work.
Table of Contents
List of Graphs. 6
1. Introduction. 7
1.1 Background of the study. 7
List of Figures
List of Graphs
Graph 2: Value of Standard Deviation of Different Parameters For the purchase of urban residential areas. 34
According to Zhu et al, (2017) in the present Feng Shui with the growth of urbanization there has been a significant rise in the demand for green open spaces. In counties like Beijing there has been a rapid growth of the city in terms of its urbanisation giving rise to concrete structures. As a result community attachments or public open spaces have been in great demand in the country.
Sinnett et al, (2020) also explained that public open spaces are now necessary for providing better and healthy lifestyle to individuals. It can be explained that including quality and design of open spaces in neighbourhood component have become an integral part of the designs for housing complex. Moreover the surrounding neighbourhood has an active role to play a in the healthy activities design for individuals including both children and adults (Xu et al, 2019). It is not just the quality of the neighbourhood but the Sinnett et al, (2020) that there are also some other underlying factors like the factor walk-ability which is why public open spaces are required to be designed. This is because of the fact that when people live in a dense neighbourhood it becomes difficult for them to access healthy habits like walking and outdoor exercises (Huang, Yang and Jiang, 2018). This is the reason why they prefer to have open spaces through which they can be able to access to their healthy habits and practices in a more convenient manner. Chen et al, (2016) also emphasizes on the fact that the presence of these public open spaces have been considered to be e factors of attraction for individuals who are planning to purchase new apartments. So, in most of the cases public open spaces have been incorporated into practices in such a way so that we can be able to draw the attention of their potential customers.
Crompton and Nicholls, (2020) also suggested that in the present millennium the price of houses which have close proximity to parks and other open spaces have increased subsequently over the course of time. In addition to this people have inclination towards permanently protected lands than that of the ones which are developable. In the real estate industry it is the heterogeneity of the open space is available which has led to the increase in the value of housing in terms of their prices (Xing, Liu and Liu, 2018).
Douglas, Archer and Alexander, (2019) opined that in places like Los Angeles there are cases where low-income communities undergo respiratory diseases like asthma due to the increase of diesel particulate matter in the air. In such cases exposure to open spaces in public parks can contribute towards mitigation of these diesel particulate matters. In other words it can be explained that it helps to reduce the rate of pollutants that are present in the air and thereby helping preventing respiratory diseases like asthma and other such diseases (You, 2016). Availing to facilities like public open spaces leads towards development of healthy lifestyles by reducing the rate of pollutants that are present in the air. According to Mell, (2020) in the year 2010 the local planning authority is of United Kingdom taken up initiatives for providing funds to Green investments taking place across different parts of the country. This had eventually led towards the development of different activities involving the quality of urban environment as well (Helbich et al, 2019). This has also led to innovative funding mechanism which can support the development of such activities open spaces can be included into housing and real estate industry (Zhao, Liu and Liu, 2016). There are political and social in economic interventions which are related to the factor of housing. In addition to this the real listed industry has also focused on ecological factors which may act as limitations while designing housing complex (Sun and Shao, 2020). This is the reason why with the initiative of open spaces housing complex is now being designed in such a way so that they can address to the existing needs of the environment.
Pawlowski et al, (2019) explained that for children who have been living in densely populated areas there can be deprivation from a healthy lifestyle due to lack of open spaces. Hence, interventions are required with the help of squares and comprehensively evaluated open spaces for the public (Xiao et al, 2017). For example due to the lack of such open spaces the children may get inadequate access to label areas in their locality. Source for the better development of the psychology of the children it is necessary to design certain interventions involving public open spaces which can help them to get playable areas. Better interventions can be designed keeping in mind that children are required to take part in healthy gaming activities. On the contrary Madeddu and Zhang, (2017) has also explained that Green environment is necessary for growth and development of the mind involving both children and adults. This greenery also helps in developing better interventions with chronic diseases which can otherwise be caused by air pollution (Xiao et al, 2016). Yet planning interventions using such green environment can have a significant influence on the price of different housing and apartments (Hu et al, 2020).
Xiao, (2017) explained that at present there has been an influence of traditional cultures like Feng shui which has been adopted from Chinese cultures. Even though there is an indirect influence yet while planning for purchase of apartments for housing complexes is traditional culture have played an important role in the regulation of the decision-making process. There are both cultural and commercial drivers who play a crucial role in the concepts of promoting Feng shui for the purpose of selling different residential real estate properties (Chen, Liu, and Liu, 2016). In certain cases even the design and planning of different cities or small towns have been based on the traditional believes of individuals.
There are pricing factors like hedonic pricing which involves two broadly classified pricing theories involving the traditional pricing and that of the advance pricing methods (Li and Chau,, 2016). Now the advance pricing method has been for the influenced by environmental factors and traditional elements like Feng Shui. This is the reason why the author explains that the factors which have an influence on the prices of properties involve its landscape, view from the ocean, mountains and other geographical features along with the culture of Feng Shui.
The purpose of this research is to explore the impact of public open space on house prices and the underlying causes of this effect.
- To find out the impact of public open spaces on the price of houses in Beijing
- To estimate the causes of this impact of the public open spaces on the price of houses in Beijing
- To identify the role of traditional cultures like Feng shui as an indicator of the price of different houses in Beijing.
RQ1. Is there any influence of public open spaces for the choice of urban residential area?
RQ2. Do customers of these residential prefer urban open spaces over traditional cultural norms like Feng Shui?
With the growth of demand in terms of public open spaces it is required to explain its influence on the pricing of houses and different apartments. This study will help to explore the impact of such factors which can have an influence on the affordability of houses in United Kingdom. In addition to this it will also help to explore whether traditional factors like Feng Shui has any influence on the modern day pricing strategies involving public open spaces in real estate industry.
This literature review has been divided into three major themes in order to estimate the importance and influence of open public spaces and Feng Shui on the housing and real estate sectors. There has also been identification of gaps in the existing literatures which has given rise to the development of further research.
From the opinion of Pawlowski et al, (2019) it can be said that creating playable installations are only possible if there are availability of open public spaces in the neighbourhoods. This is the reason why in the modern days for designing better households open public spaces are considered to be one of the important factors. Planned interventions are designed with the help of open public spaces so that they can be collaborated with the housing projects and help to design required format for providing better lifestyle to the children (Duan et al, 2018). It is the children who need an active lifestyle where they can enjoy the green environments and the greenery of the playgrounds. It is not just necessary for the development of their physical health but it has also been important for the development of their psychological health as well (Qiu et al, 2018). This is perhaps the reason why these open public spaces have been incorporated in the form of designs in case of different real estate and housing complexes. Additionally, Sinnett et al, (2020) has also argued that there are adults who need to lead a healthy life as well. In order to support healthy activities like walking and exercises open spaces play an important role by incorporating healthy environment. This is essential for the development of both mind and the body of individuals. Hence, there are interventions which have been designed with the help of these open public spaces. It is with the changes in the lifestyle practices that there has been requirement of including open public spaces in housing (Sun et al, 2019).
Cranney et al, (2016) has also argued that there is a direct relationship between the fitness of the users and that of the availability of the open public spaces. In the recent days there has been growing trends of outdoor gyms and parks where the senior users get engaged into different physical activities. Wei, (2017) explained that it is the availability of healthy practices along with the rate of growth of healthy awareness which has led o the increase in demand of these open public spaces. These growing concerns have not just been confined with personal activities of individuals in indoor gyms but they have been associated with the growth of outdoor activities as well (Bao et al, 2016). This is the major reason why these open public spaces have been incorporated into the designing of housing areas.
Gnagey et al, (2018) counter argued that the use of these open spaces has not only influenced the designing of housing complexes but they have also been associated with the management or patterns of lands use. It is associated with the fragmentation of the use of land which has been taking place in the past few decades (Flies et al, 2017). This had an adverse impact on the environment due to its change in the proportion of land use. So, with the inclusion of open public spaces in the household sectors or residential areas there has been initiatives taken for bringing back the balance in the land use (He and Zhu, 2018). So, it can be explained that there has been requirement of planning for household designing in such a way so that it can have areas for open public spaces (Shi et al, 2020). It has been a regulation that has been a part of environment conservation and the importance of proper land use.
Abdi and Furqan, (2019) also explained that with the rate of increase in the constructions there has been a subsequent decrease in the vegetation that used to cover the land. It has in turn influenced the temperature and the weather conditions of the places. Moreover, it is known that there has been a relationship between the relative humidity and that of the temperature of a place (Flies et al, 2017). So, the level of comfort or the comfort index of the place has a link with the amount of vegetation it has (Deng et al, 2020). This has been the reason why it was necessary to include the open public spaces in the housing and real estate sectors. This not only helps to keep a pace with the comfort index but it has also been necessary to be incorporated for reducing the rate of pollution. Douglas, Archer, and Alexander, (2019) pointed out that with the help of these open public spaces in household areas there can be better quality of air available for the people. This is because of the fact that green vegetations are necessary for the purpose of generating fresh oxygen and thereby reduces the harmful impact of pollutants (Xue, Gou, Z. and Lau, 2017). This is very crucial for both youth and the old people irrespective of their demographical features. As a result of this open public spaces are into demand in the housing and real estate industry. It has also been influencing the price of the houses that are near to these open public spaces. The closer the distance of households to parks and other such open spaces, the more is its price. This is given rise to new concepts regarding open spaces which not only has an aesthetic but is also necessary for the sake of the environment protection Due to its range of advantages and positive health impacts these open public spaces are into demand and have been influencing the prices of the housing complexes.
According to the views of MZainora, Norzailawati and Tuminah, (2016) the price of a house depends n various factors. Out of which the open public spaces has a noticeable as well as significant influence on the house prices for many developed nations. In this paper researcher has the following key question ‘whether there is a significant between the prices of the house and the open spaces or not. Moreover, researcher has also conducted a correlation between the open spaces and the house prices (MZainora, Norzailawati and Tuminah, 2016). It has been observed that there is a relationship but that is rather weak.
On the other hand, Xiao, Li and Webster, (2016) the residents with green amenities are considered as more desirable as well as expensive. It means the residents are willing to pay higher prices for such public open green spaces near their houses. It has been also found that the apartments with green spaces are expected to be more attractive in England and UK (Xiao, Li and Webster, 2016). Generally, there are many benefits associated with the green spaces. The green neighbourhoods have social benefits associated with the residents. On one hand, it is believed that there will be less aggression, violence and others within the social benefits. On the other hand, there are also health benefits of having public open space such as decreased risks of cardiovascular diseases, diabetes, cancers and others. Therefore, it can be stated that the Chinese people would be interested to invest in those properties, which brings social as well as health benefits.
Growth rate, types of open space property and Land usage
According to the views of Breunig, Hasan and Whiteoak, (2019) cities in Australia are growing fast. Therefore, the requirements of open spaces are also increasing along with the increase in the growth rate in the cities. Moreover, the developers and councils are focusing to making adequate contribution towards the maintenance and improving areas for leveraging the benefits for financial gains from the new project development (Breunig, Hasan and Whiteoak, 2019).
On contrary with the views of the previous author, Xiao, Li and Webster, (2016) it has been stated that the one of the most important factor in china is the presence of open access parks (public green spaces), gardens (private green spaces) and greenery exclusive on the basis of fees. Therefore, it can be stated that demand of green spaces in china is greater than that of the Australia. Moreover, in this study a hypothesis was developed for the public supplied green spaces on the price of the houses. It has been found in this study that there will be a different plan if the china understood the requirement of green spaces (Xiao, Li and Webster, 2016). As a result of that, the plans for the open spaces will be different and measurable demands. Therefore, it can be stated that the china and the Australia have different aspects for planning open spaces. Currently, in china the open spaces plans will be different if the understanding is good on this topic. It has been also observed that the preservation of parks, greenways, forests and other natural areas have significant impact on the urban and suburban houses. These kinds of spaces have provided more values to the buyers when compared to that of the normal houses.
On the other hand, Dehring and Dunse, (2006) have stated that the prices of the flats will increase when there is an additional proximity and access to the public spaces like parks, gardens etc. However, authors in this study have argued that there are not major or significant changes in the prices of the flats for the lower density housing types. In this study, it was recommended that there must be a policy to measure the scale and density along with the presence of open spaces while considering the urban development.
In counter argument with the views of the previous author, Wu, et al., (2018) the prices of the houses will continue to increase when there is an open space of land. However, it may decrease if there is any proximity to the medical land use. It has been also agreed by the author that the presence of public open space and commercial land use are positively co-related with the prices of house. In addition to that, the prices of the houses will reduce if there is open space associated with the neighbourhood street administrative division. On the other hand, the prices will be high if the open space is dominated by the land, which is exclusively used for the residential land. Therefore, it can be stated that prices of a house strongly depends open spaces as well as the surrounding property of the open space usage. However, the prices will be even if the open space is evenly distributed for the residential and administrative usage.
2.3 Theme 3- Influence of traditional cultures like Feng shui in the price of houses in Beijing
China is considered as one of the fastest growing companies in the world with vibrant cities in the world. Moreover, china is considered as a rapid growing marketing in real estate area because Chinese government has adopted many policies to make the economy healthier with an appropriate direction (Deng, Ma and Chiang, 2009). These policies have a great impact on the prices of the house. On the flipped side, Sia, Yew and Siew, (2018) not only the policies have a major impact but also Chinese culture has a major impact on the prices of the house. The traditional Chinese cultures are also having major influence on the real estate developers, investors and governments of china. As a consequence of this, there are impacts and influences from such traditional culture over the prices of house.
According to the views of the Sia, Yew and Siew, (2018) have stated that the feng shui is the third important factor before purchasing a house. Therefore, it can be stated that the traditional cultural aspect of china also affects the purchasing decision of consumers in China. There could be a significant relationship between the house price and the feng shui culture. However, this research paper has unveiled that the perception of feng shui can be an added advantage to the various locations of the house. Henceforth, it can be stated that the people would prioritise the location, doors, sea views, construction type etc over that of the culture. However, the presence of such cultural dimension would be added advantage for the well living.
In contrary with the views of the previous authors, Chang and Lin, (2015) have stated that the presence of ‘wai sha feng shui’ can influence the housing prices by significant margin (10% to be precise). Apart from that, wais ha feng shui also affects the decision-making capabilities of the consumers because buyers often avoid purchasing those houses, which are having ‘wai sha feng shui’. On the same note, the buyers may ask the seller for declining in the house prices. Generally, such tradition has different effect on pricing of different properties. The influences from ‘Wai Sha Feng Shui’ on houses are 10%. On the flipped side, prices are between 4.3% and 24.2% on the commercial real estate. Moreover, the land prices can decline by 10 to 14 percent due to presence of such factor. Therefore, it can be stated that wais ha feng shui can significantly reduces the price of the house as well as influence the purchase decision. In addition to that, the level of influence is not the same on every property. Hence, it can be stated that the not every traditional culture has significant influence but there are some traditions (like wai shai feng shui) which can affect the pricing decision of the houses.
According to the views of Liu, et al., (2019) it is important to understand the variation in the house prices because of the traditional Chinese culture. China has experienced rapid urban development. It is also important to consider the influencing factors while purchasing a new house because this can be an indicator for the house sellers to price their construction. The commercialisation of the houses, reconstruction, urban development process and other areas are major factor for providing information to the government. However, there are eleven influencing factors associated with the ‘Wai Sha Feng Shui’. The descending degrees of the prices of houses are to be considered here. In agreement with the views of the previous authors, Zhang, (2018) Chinese traditional culture has important role along with the other influencing factors when deciding for the prices. Feng Shui tradition describes the Chinese heritage practice for the past and present. It has been considered that the feng shui is a meaningful local heritage for enriching the spiritual being of the neighbourhood (Zhang, 2018). This is mostly described in the previous paper that the contemporary heritage conservation and culture are interrelated.
The concept of Feng shui and five elements
Figure 1: Showing the elements
(Source: Zhang, 2018)
Five elements (Soil, Fire, wood, water and metal) have constructive and destructive roles. It has been described that the wood can be used for producing fire and ash. Ash can be turned into soil and soil contains the mineral. The minerals should be considered as metal and metal can be melted as water (Zhang, 2018). Therefore, there are two roles associated with these five elements. On one hand, the constructive role is regarded as wealth, health and status (Zhang, 2018). On the other hand, the destructive roles has been regarded as the exactly opposite to the constructive roles. Moreover, these theories are also integrated within the Feng Shui theories.
According to the views of WEN, (2019) Feng Shui theories are deeply rooted within the Chinese traditional culture for thousands of years. This is used for reflecting the cultural values, society, politics, personal life, etc. Hence, it can be stated that the five elements and concept of feng shui are important aspect when purchasing a new house in UK. Therefore, the people consider these concepts for environmental planning, graves, cities and other areas. In agreement with the views of the previous author, Li, et al., (2019) Feng Shui served as a powerful and highly constructive system of the environmental planning.
As per the views of Chang and Lin, (2015) it has been stated that the people often prefer to the wealth, health and status by considering the ‘Feng Shui’ at the time of purchasing a new house. Moreover, the Feng Shui has important role when purchasing a new house in China. Feng shui reflects the traditional social relationship as well as the hierarchy of ancient Chinese society. It has been also found in this research paper that, the social control mechanism in traditional culture is important aspect and this is presented by the Feng Shui.
2.4. Theme 4: Benefits of open green spaces and its impact on the house prices
According to the views of McCord, et al. (2014) it has been stated that the public green space has a positive impact on the values and prices of the property. On the same note, the urban green spaces also have a significant positive impact on the sale of proximate residential property. If any house with terrace and apartment located near the open public property then it could have significant impact on the prices of such properties. It has been claimed in this paper that the prices would grow up to 49 per cent because of such conditions (McCord, et al. 2014). Generally, it is believed that the public green spaces will have health and social benefits. As a result of this the prices would increase by such significant margin. In addition to that, customers are also ready to pay for that price.
In agreement with the views of the previous authors, Irwin, (2002) have stated that there is a premium price associated with the permanently preserved open spaces with the relative development of the forecasted lands and agriculture. If a house consists of open bundle with space amenities then it would affect the overall development of the bundle.
According to the views of Yuan, Wei and Wu, (2020) the presence of open space and open green spaces have significant impact on the prices of the house properties in urban environment. Moreover, the open green spaces including the public parks, natural areas, golf courses etc can have significant influence on the selling prices of home. If such proximity to those resources is close then the prices are likely to increase over the time. On the flipped side, the net effect of open green spaces is considered to be theoretically uncertain because of the positive external associates. However, the prices will be reduced if there is open space with traffic congestion, noise and negative externalities. On the same note, if there were rapid population growth near the open spaces then the prices would be affected by this.
As per the views of Wu, et al. (2018) it can be stated that the Beijing is considered to have a very high density of population because there are more than 12,000 people living every square kilometres. On the other hand, the floating population is also been there for 6 months per year. Therefore, it can be stated that Beijing is more density than that of the popular cities like Hong Kong, London, New York etc. Moreover, the housing marketing is very important for the national market. In this paper, the author recommends that classification of urban green spaces should be revised because minimum proportion of living within the open space is very low. It has been also found that the prices of the nearby houses of industry lands would be sold relatively low compared to that of the normal houses situated beside the public parks. Therefore, the urban development industries are gradually relocating from the industry areas. The mixed land use in street administrative division may have adverse affect on the housing prices. Therefore, the housing prices are likely to increase if such houses are located near the greenery places, open parks and other areas.
2.4 Literature Gap
Majority of the authors have discussed about the implications of Feng Shui tradition on the Chinese people. However, there are little evidences on real time application of Feng Shui on the prices of houses in China. On the other hand, it has been observed that Chinese people do consider the Feng Shui as third important factor while purchasing a new house. Hence, there are many areas, which required to be covered. It has been found that the mixed land usage has ideal impact on the house prices in china (Wu, et al. 2018). However, this study contains a potential problem in the hedonic pricing model because this attracts the attention of academic literature (i.e. spatial effect). Majority of the studies have considered simple open spaces and its impact on the house prices. Therefore, there is no appropriate classification on the type of open spaces and its effect on the prices of the houses. Therefore, the measurement should be done on the mixed usage of open spaces.
2.5 Conceptual Framework
Figure 2: Conceptual framework
(Source: Designed by researcher)
This research methodology has been designed in order to highlight the tools that were used for conducting this research project (Mohajan, 2018). There are factors like the research philosophy the planning of this research its design which were taken into account for identifying the significant outcomes of this research. This research methodology is associated with the act of highlighting the underlying factors which were required to be considered in order to meet the objectives and aims that was setup for this research. This research has been based on qualitative research methods and on secondary data taking into consideration the different factors that were adopted for emphasising the process of the research work. The secondary data has been collected from different articles and journals where the authors have themselves selected primary data collection methods.
3.1 Research Philosophy
This research has been based on the philosophy of positivism (Ryan, 2018). It is based on a logical representation of data where its analysis has helped in developing a more critical factor giving rise to results which have helped to address to the existing research questions (Žukauskas, Vveinhardt and Andriukaitienė, 2018). It also helps to focus on the extensive part of research examination with the help of breaking down the points and thereby helps to identify the subject in a broader spectrum.
Other forms of research philosophy like realism, interpretivism and pragmatism were exempted from this research work (Ryan, 2018). This is mainly because these philosophies try to identify the link between reality and truth or has been mainly used for interpreting the research variables in a more generalised format. On the other hand it is positivism which can help in executing the research questions and enhance the rationale of this research.
Justification: For this research positivism has been the most appropriate format of research philosophy because it has a more objective view in comparison to the subjective view of other research philosophies. Positivism helps in providing an overall view about the research subject and supporting the truth which is under nine the progress of the subject in concern. For this present study it was required to take up positivism so that it can scientifically analyse the importance of open public spaces in housing complexes and its impact on their prices.
3.2 Research approach
For research approaches it is deductive research approach which has been used out of the two major approaches used in case of research works. This deductive research approach has been based on the procedure in which different research articles are reviewed and analysed critically in order to give formation to the research results (Tjora, 2018). With the help of a deductive research approach this research has initiated reviewing different literatures which has helped to derive the idea about open public spaces and their importance to residential area for the real estate industry. With the help of this deductive approach research questions have been developed which have further bring analysed with the help of the secondary data that were collected for this research work. It has been necessary to conduct a deductive approach because in terms of the real estate industry it was required to identify the factors which have been associated with open public spaces. This not only helps to understand the importance of these factors but it has also helped to analyse the changes that may take place after incorporating these factors into practice.
Justification: The use of deductive resource approach has helped in incorporating different theories into practices which have acted as a guideline for this research work. It helps to explain the present scenario of the real estate industry and how the research topic can be further developed with the help of the existing research articles. Moreover the other research approach namely inductive approach has been exempted from this research work because it helps in the formation of a new theory or concept which is not a part of this present research work. This research has been trying to explore the existing conditions and analyse it with respect to the data that have been collected during the course of this present research. So, the use of a deductive research approach has been appropriate for the research work.
3.3 Research strategies
In terms of the research methodology there are some distinctive strategies which are used for the development of the research work and for giving a shape to the research report. This is the reason why there are strategies like descriptive research strategy, explanatory strategy or exploratory strategy. The use of descriptive research design helps to explore the study considering both the positive and the negative impacts of the research results (Ivey, 2016). It helps in initiating the investigation keeping in mind examination of relevant data and thereby understanding the process of utilising them. This resource has been based on the use of a descriptive research strategy.
Justification: The use of a descriptive research strategy has helped in subsequently developing better understanding of the research results and explaining the points in such a way so that it can help to reach out to the Research destinations.
3.4 Strategies for data collection
This research has involved collection of secondary data which are derived from different articles journals (Johnston, 2017). The journal selected as a part of secondary data consisted of researches that wear done with help of primary data sources. This implies that this research has taken up works of different authors who have conducted primary data analysis themselves. This has not only given access to a large number of data but has also helps to understand the comparison between the studies that were conducted by different authors in similar research area. This secondary data collection has been conducted on the basis of two major criteria for this research work. First of all the articles that were chosen had been based on the use of open public spaces in the real estate industry of Beijing. Second fall another ka criteria was selected where the influence of Feng Shui on the choice of apartments and real estate properties has been explained. With the help of these two criteria the data that were collected from the secondary journals helped to analyse the different concepts which gave rise to the formation of research results taking into consideration the questions that have been used for this research work.
Justification: Secondary data from journals and other peer reviewed articles have been selected for this research work because there are more authentic and publicly accepted. In addition to this with an access to such a huge amount of data this resource has not been confined to any one-dimensional prospective but has considered multi-dimensional perspectives for development of the answer to this research work. It is with the help of this research that the influence of factors like open public spaces and Feng shui on the price of houses have been critically analysed. Moreover selection of secondary data has been evident in analysing the impact of these variables on different individuals irrespective of their social demographic background by analysing a wide variety of secondary data which were collected by other researchers. This is also helps to address to the existing gas that may have been overlooked and at the same time analysing if the future outcomes with respect to the research results.
3.5 Data analysis
This data collected from secondary sources have been qualitatively and analysed (Johnston, 2017). This qualitative data analysis conducted during the course of this research have helped in explaining the impact of variables like open public spaces and traditional Chinese culture like Feng shui on the price of houses in the real estate sectors. It is with the help of the primary data which were collected by a number of existing researches that the extent of influence of these variables has been subsequently analysed during this research work.
Justification: the qualitative research design has helps to analyse the research results bi drawing comparison regarding the different factors that are being highlighted by different authors through the peer reviewed journals or articles. It is helps to interpret and understand the extent of influence not just in the numeric form but at the same time by an analysis of the key concepts and the results which have been derived by different authors with respect to the different perspectives that already exist in terms of the real estate industry of Beijing.
3.6 Research ethics
This research has tried to consider all the research ethics involving confidentiality of data and honestly interpreting them in the form of analysis. It is the confidentiality of the data which are being maintained thoroughly. No research has been conducted on the basis of any data which are confidential or may harm the interest of any individual other authorities. They have also been consideration of ethics with respect to the interpretation of the data or even the data collection process.
|Selection of Strategies
|Type of data source
|Secondary data (peer reviewed journals and articles where the authors have conducted primary research)
|Qualitative Data Analysis
4. Results and analysis
This section of results and analysis have been divided into two main factors one being analysis and other being the discussion. For secondary data, distinct peer reviewed journals and articles have been involved which has helped to determine the factors that are attributed to words pricing of houses in Beijing. This secondary data has been collected from search journals in which the authors have relied on survey or preferably collected primary data themselves. From the analysis of such individual journals a collective outcome has been determined which are discussed with respect to the objectives. This analysis and discussion has helps to find out the ultimate result of this research work. The discussion has been further interpreted with respect to the review of existing literatures. It helps to understand weather this research has been able to address to the existing gaps or not.
According to Zhang and Dong, (2018) when it comes to urban infrastructure Street greenery comprises as one of its important component which can help in developing green corridor. It not only helps to enhance the ecological systems but it is also crucial factor to look after the cultural functions and socioeconomic tractors which can reach towards a well being of citizens. Based on a study of 22331 transactions taking place across 2370 private housing estates in the year 2014 the author has tried to analyse the impact of street visible greenery on the prices of housing. On the basis of a hand on a pricing model that tries to explain the concept of greenery and its importance when it comes to determining the ecological balance in case of street greenery. It is not just the residential area are the domestic households but it is also hospitals and other such places where green open spaces play an important role in Beijing.
Figure 3: Henderson equation of pricing
(Source: Zhang and Dong, 2018)
With the help of this equation the author has tried to find out the different factors like the location of the houses, the distance from nearby parks schools and open green spaces which can have an influence on their pricing. These characteristics have been used for the collection of primary data through which their impact on the pricing of houses in Beijing has been identified. In the opinion of the author the first and foremost factors which are involved in the price of housing consist of the characteristics of the houses and their probable maintenance cost. However the impact of green landscapes for open public spaces has also significantly increasing on the price of houses in Beijing. The visibility of Green area or green spaces plays a crucial role for the choice of apartments or houses. It is not just the greenery around the houses which matters but at the same time it is also important to note that the visible green streets are also one of the most highly preferred factors when it comes to the choice of houses. As a result these factors also have an impact on the rise of prices of houses. This is perhaps because of the fact that in most of the cases people are active if they have a neighbouring open space to their house. It not only helps them to take part in to emphasise healthy activities but also adds of greenery and fresh environment to the place. So it act as a crucial factor which cannot be overlooked easily when there are abundance of street greenery in the community. Zhang and Dong, (2018) pointed out that there are other factors like landscapes like lakes and ponds also pose to be a significant factor for considering the impact on prices of houses in the real estate industry. The author has found that the bias in Beijing have a preference towards lakes or other larger water bodies Indian neighbourhood but they are not much bothered about the distance between those water bodies and their house. So the author explains that it can be because of rate of increase in water pollution and other such factors that having ponds closer to houses is not a preference for people in Beijing. If there are ponds available in the locality then it helps to regulate the temperature of the place which if the reason why it is being considered as a factor influencing the price of housing.
(Source: Zhang and Dong, 2018)
The pricing model also considers horizontal green view index. With the help of this index the amount of green area which can be visible from the households can be determined. With the help of this concept tries to explain that it is green spaces another open public spaces which are under high demand while choosing a house in Beijing. So, it has also developed a further impact on the ways in which the prices of the house can be determined in the city. Zhang and Dong, (2018) concluded that the characteristics and the required location of the housing plays a very important role for determination of their prices yet it is degree invisibility for which the buyers are very to pay adequate amount in terms of the price of the houses. so while designing residential planning the policy makers have tried to incorporate green visibility either in the form of green roofs, green walls or green open public spaces through which the demand of the customers at present in the market can be fulfilled. moreover in most of the cases the customers and not just satisfied with green walls or rooftops of their houses were also preface to have a subsequent green view across the street where they can be able to lead an active lifestyle. This is where green open spaces have been emerging in Beijing and it has a significant role to play in the increase of pricing of new houses. In other words it can be explain the hedonic pricing method helps to determine the roles that are played by open public places and their influence on the increase in prices of houses in Beijing.
From this article it can be analysed that even though there is an impact of open public spaces but they are not the primary factors which are being looked at while choosing a house in Beijing. Primary lead is the characteristics and the maintenance which are offered by the houses that act as a factor for determining its price. Second of all it is also required to be noted that in certain cases green public places maybe compromised with the introduction of green walls are green rooftops which are also in demand for compensating to the Green views preferred by the customers. So despite being an important factor it is not the primary factor for determining the cost of price of the houses in Beijing.
The author Wang et al, (2019) has tried to find out the impact of open public spaces on the level of activity of different individuals. The author tries to explain that due to the growth of fitness activities there has also been an increase in the demand of open public spaces in residential areas. The author explains that it is mainly due to influence of healthy lifestyle which is lead to the inclination of individuals towards the development of open public spaces. This is the factor why it has subsequently influenced the price of properties which are being sold in Beijing.
Wang et al, (2019) has classified these factors on the basis of the individual behaviour and the social ecological theory. These factors help to determine the importance of these open public spaces with respect to the evidences in both social logical perspective and the perspective of individuals who are having preference towards them. On the basis of primary data collected with the help of questionnaires the author has tried to explain the idea of urban Greens and waterfront spaces along with other square spaces.
From this article it can be explained that parks wetland parks amusement parks or outdoor playgrounds in the neighbourhood have a significant role to play in the development of the fitness of individuals. From the above table it can be identified that green infrastructures a significant with correlation to the time of activity than that of the frequency of activity. So it can be stated that people try to spend more time in these organ green open spaces with respect to the frequency of their visits. Moreover the author also explains that there are modern amenities offered by these urban green open spaces like restrooms, convenience stores shelters toilets and other basic features which can support the physiological needs of individuals. Hence, people tend to spend longer time in the open green spaces while doing their day to day activities. This is primarily because in the opinion of the author when people spent a long time indoors they may try to look out at spending more time outdoors for relaxation. This is perhaps because staying indoors increases the level of carbon dioxide in the rooms. This not only makes it difficult to believe but it also decreases the amount of oxygen content in the room and thereby affecting the level of energy of people. So for better and healthy habits they tend to move to open spaces where we can easily access to fresh air and thereby experience a reduction in their level of toxic gases in body. In other words it can be explained that it is the plants and trees which are present in the screen open spaces that act as filtration and observe the negative ions that are release from human body. This helps them to feel more energetic and comfortable due to the relaxation of nervous system taking place under the pressure environment in green open spaces. The author has also pointed out that with such structures being incorporated into the construction of residential areas or that of the houses which are into used in Beijing. This study has also identified that if there are reduction in the number of plants available in a densely populated area it even surely restrict the number of residents of that area from having metaphysical activities. This has an adverse effect on their health and lifestyle.
Another major findings estimated by Wang et al, (2019) explained the size of green open spaces have a significant relation with the time that utilised for physical activities. There is a positive correlation between these two factors which helps to explain that the consistency of healthy lifestyle has a direct link with the type of space available for these green open spaces. This is because of the fact that with larger open space present there is an increase in the per capita activity area in which people can perform different physical activities as a part of their healthy lifestyle. This implies that with the increase in the time spent taking into consideration the limited free time available to residents the frequency of visiting these green open spaces is reduced. In China some of the popular physical activities involve “Tai Chi” and square dance which are being practiced in these green open spaces. Along with this other sports like swimming, volleyball and basketballs are also being played in these green open spaces which are adjoining to the resident area. So, these are the major factors due to which there has been a significant rise in the incorporation of green open spaces into houses and buildings of residential areas.
It was also identified that women are more in client to the use of this green open spaces for their day to day physical activities than that of men. As a result of this the women buyers of houses try to prefer inclusion of green open spaces when purchasing a new house. So it can be noted that gender has an important role to play with respect to the availability of green open spaces and price of housing complexes in Beijing. In addition to this the age of people is also correlated with the demand of Green open spaces. For example the people from younger populations have an inclination towards sports which is why they tend to use these green open spaces. On the other hand the people from elderly generation prefer walking and exercising as a mode of their physical fitness and prefer to use these green open spaces. From this article it can be identified that irrespective of the type of activity and requirement there is demand for green open spaces across different age groups and genders in the people of Beijing which is why it has been incorporated into residential areas while planning for them.
According to Ghazali, Ngiam, and Mutum, (2019) the impacts of Feng shui in the purchase of home to the present day is an influence of the push and pull strategies of marketing which are used by the organisations to attract their customers. From a primary research conducted with 179 respondents the researcher tries to analyse the influence of these strategies and their impact on the price of houses.
Figure 4: Relationship between Physical activity and open public spaces
(Source: Ghazali, Ngiam, and Mutum, 2019)
Figure 4 shows the statistical analysis which has been conducted by the Ghazali, Ngiam, and Mutum, (2019). As per the statistical analysis it can be observed that some of the factors that contribute towards choice of house in China involved the attributes of the house, the attributes of the neighbourhood and that tribute the function. From the research that was conducted by the author it was found that there is more influence of the pull effect than that of the push effect on the potential buyers of houses in China. It is with the help of incorporating traditional theories like Feng Shui that the people of China or specifically the organisations dealing in the real estate industry have been trying to promote different types of designs of houses among their customers. Yet among the marketing strategies the pull effect having a stronger impact prove that it is the customers who have a demand for houses designed keeping in mind the use of Feng Shui. It is in order to fulfil the demand of these customers that organisations try to incorporate such structures into their existing designs for houses.
Ghazali, Ngiam, and Mutum, (2019) argued that when it comes to the comparison between traditional cultural like Feng Shui and other attributes it was found that the attributes of the neighbouring houses the entire neighbouring environment plays a more significant role for determining its prices. It can be analysed that even though function is still a traditional culture which is being hold by the people of China yet it is more modern practices which are having greater appeal in their life especially when it comes to choosing a house. So it can be explained that neighbourhood factors like the involvement of green spaces can have a significant role to play for estimating the price of a house.
It can also be noted that in most of the cases the houses that are designed have been developed keeping in mind the norms of Feng shui but it is not the traditional culture of the social value which can be e considered as the most important predictors for determining the purchasing intentions of the customers or the buyers of the real estate sectors. On the contrary it is economical factor and the range of facilities available in the form of neighbourhood culture for example green spaces open public spaces are of greater importance at present. Ghazali, Ngiam, and Mutum, (2019) have also explained that the residents try to find out affluent areas or surroundings which can have a healthy environment to support their lifestyle. Hence, there are more steps required to be taken to consider such choices while designing the pricing of households in China. Yet factors make Feng Shui and search traditional cultures cannot be neglected while considering the design of the houses. This is because of the fact that it is Feng shui which is acting as a pull strategy and thereby denoting the demands of people to certain extent. So the author explains that it is the interior designing taking into consideration Feng Shui and the traditional beliefs of China along with the environmental factors of neighbourhood which can help in identifying the prices of households in China.
In this article author has investigated on the impact of urban green spaces on the prices of the residents in Shenzhen. In this study author has presented that the transportation, hospitals, schools, parks etc have important role when selecting a house in China. Moreover, the impact of green spaces is also discussed within this chapter. Moreover, there are three-dimensional aspects within this research such as location variables, structural attributes and environmental variables. It has been also observed in this study that the proximity to a central business district can have great impact on the prices of the houses. On the same note, authors have also revealed that distance to the park, school, arterial road, subway etc have impact on the housing prices. It has been revealed by the author that accesses to green open spaces are expected to increase the prices of the house by 0.041% in China (Wu, et al., 2015). On the other hand, the prices will decline depending on the distance to the house and nearest parks. The average influence radius was 1.73 km in parks of Shenzhen in china. There are more than 70 parks in Shenzhen, China within the spread of 412.14 square kilometres. Therefore, it can be stated that the residential places of such areas were affected by the estate development layouts.
It has been also recommended that the presence of green infrastructure including gardens, forests and parks have important effect on the prices. People are conscious about the sustainable development so the green spaces are considered to be very important factor. Henceforth, the governments of the city developers, planners and others have to consider the green spaces seriously because it can help to increase the prices of the house. Therefore, the government and the vendors can have more share of profit if there is any open space near the residential areas.
In this paper, authors have investigated using a comprehensive micro-level dataset from 2013 to 2015 to explain the price change of the houses in Beijing. It has been found in this paper that there is highest rate of appreciation of the prices between 2013 and 2015 for the flats (Zhang and Yi, 2017). Author has also discovered that the price of the houses strongly depends on the attribute of such houses. However, the attribute of the houses are differently valued for the business. Majority of the residential housing in china are condominiums. Moreover, a complex environment is formed in china because of such condominiums. Generally, the condominiums are made of high-rise and medium rise buildings. On the other hand, the monthly price index at the city level has been accounted as average price index for all complexes in China. Moreover, the buyer of houses in china often considers the indexes to find out house at reasonable rate (Zhang and Yi, 2017). However, the index published by NBSC in Beijing is very important because the prices are given in that paper. On the same note, the prices of the houses are affected by the change in the housing market in China. However, the current study focuses on the substantial changes of the experience. It has been found that the complexes build near to the free spaces then the prices of such houses will automatically increase. On the other hand, the effect of open space is irrespective of the house prices. Therefore, it can be stated that the high quality house should integrate temporal changes in the house market. There has been further analysis conducted by the authors with the help of regression.
A quantile regression has been used by the authors in order to find out the relationship between the variables (i.e. house prices and open space). Quantile regression has helped the author to provide clear information. This is very important for the housing studies for providing a robust estimation. The presence of heterogeneous features of the houses is important part of it. The green rate and green spaces are also having impact on the complex level prices. The vendors often represent the satellite images to the customers to demonstrate the green areas along with the complexes. Therefore, it can be stated that the geographical attributes (green rate, floor area ratio etc) are important part of the prices. Along with that, the housing attributes are also important. Therefore, it can be stated that the geographical attributes are considered when deciding price of a house. Moreover, the accessibility to such parks also matters a lot for high density as well as low density complexes. It has been summarised by the author in this paper that the higher priced homebuyers (i.e. customers) often prefers to buy a complex with access to the green open spaces and low-density areas. Therefore, the housing characteristic along with the access to the green open spaces matters a lot. On the other hand, the prices may vary differently depending on the access to the green spaces. Hence, it is clear that the price of the houses in china (Beijing) is mostly affected by the open green spaces. However, other factors are also prominent here in determination of such prices of the houses.
Graph 1: A comparative analysis between the sub urban landscape and railway transportation between the years 20002 to 2012
(Source: One by author)
It can be seen from the above graph that the urban landscape changes along with the change in the rail transportation. It has been found in this paper that there is negative landscape factors associated with the price of the residential houses. The urban landscape is highly affected when there is a visible manufacturing factory. Moreover, there is also negative effect on the housing prices if the residents are situated besides the factories. For understanding this fact, author has used different samples, judgements, experience and other areas to understanding the effect on prices. The linear equation has been used by the researcher in order to understand the variation of change in the prices of the houses. It has been found that if there is positive attribute with the houses then it can affect the prices.
Graph 2: Value of Standard Deviation of Different Parameters For the purchase of urban residential areas.
(Source: Made by author)
The above graph it can be observed that the standard deviation among the different parameters have been represented with the help of a line graph. Since, it is known that a value of standard deviation is more significant when it is less than 0.05. So, in the above case the factors like area of green space and size of the space are the most important factors considered by customers who are inventing in real estate. On the other hand the factors like sports facilities or usable area are seemed to be the least important factor for determining the choice of purchase. Hence, it can be explained that green spaces act as an important factor to determine the attitudes of the customers and thereby the price of the areas.
4.2.1 Discussing with respect to Objective 1
Finding out the impact of open public spaces on the price of houses in Beijing
From the above articles, the roles of open public spaces and Feng Shui have been critically identified with the help of secondary data analysis. This discussion with respect to the objectives will help to find out the similarities or differences between the perceived concepts of literature review and then analysis of the secondary data. From the qualitative data analysis even the extent of impact of these two different factors in the pricing of houses in Beijing has also been determined.
Analysis of Article 1 it can be noted that public open spaces have a positive impact on the prices of houses in Beijing which is why it increases the price of such houses. There are different types of public open spaces or even green public spaces, parks and water bodies like lakes and ponds. Even though distance from the water bodies is not an appropriate reason to influence the price of the houses yet the presence of water bodies in the vicinity area is an important factor. On the contrary the distance of parks from the houses has a correlation with the increase in their prices. The more a house is close to a park the more is its price. Sophie’s two contrasting characteristics can be due to the increase in water pollution over the course of time which makes people to think of the water bodies as a part of temperature regulating factor and probably not hygienic enough to stay beside. Hnederson equation has been used by the author to develop clear idea regarding the matter.
With the help of Henderson equation it was argued that the green views or green open public spaces significantly have impacted on the price of the houses in the real estate sector of Beijing. From the literature review it was identified that people do not try to compensate with greenery while purchasing a house because it helps them to lead a healthy life. They prefer green public spaces or the open public spaces to be a part of the housing sector. Yet due to its subsequent impact on the increase in the prices in can be noted that sometimes people try to compensate with green views can find it to Green walls and Green roof tops. From the analysis of article 1 can be seen that the rapid increase in price of houses due to the presence of green open spaces sometimes lead people to Adjust with alternatives which can we budget friendly to them. So, from the qualitative analysis it can be noted that in most of the cases it is the Green view which is being preferred than that of the green open spaces which is perhaps the reason why there are alternative options being offered to them by the real estate industry. On the contrary from the analysis of Article 2 it can be seen that it is primarily the demand of green open space in the neighbourhood which was an important factor for the choice of houses in Beijing in comparison to that of the artificial Green roof tops green walls.
So, it can be explained that it is the green open spaces are the open public spaces which are into to higher demand when it comes to the choices of houses in Beijing. Hence, it subsequently increases the price of such houses in the market. So in order to refrain from getting over port with the budget people may sometimes try to co-operate with alternative options but it is the open public spaces which are mostly in demand than that of any artificial green views.
Estimating the causes of this impact of the open public spaces on the price of houses in Beijing
From Article 2 it can be noted that there has been a significant impact of open public spaces on the price of different houses in case of Beijing. This is primarily because of the factor that with the density of cities there has been a subsequent increase in the level of pollution. So people tend to have a greener environment where we can be able to lead a healthy lifestyle. From this analysis it was found that it is mainly for physical activity that open public spaces are in two such demands and has been increasing the price of houses in different residential areas of Beijing. Moreover present these public houses have been able to design other amenities like washrooms, restrooms and other such facilities have been able to provide a better experience to the residents of the locality. This is the reason why these green open spaces and now conveniently being used for the purpose of physical activity. Moreover it was also found that when people stay indoors for a long time there is an increase in level of carbon dioxide. This subsequently has a major impact on the energy level on a negative way. So, people tend to find places where they can practice their day to day exercises and other physical activities like walking are relaxing their mind in open public spaces. Please open space is a not only greener and full of oxygen but are soothing into the eyes as well which is why helps people to lead an overall healthy lifestyle. From the review of different literatures it was also found that please open spaces tent to promote regulation of weather and thereby helping to maintain a balance in the temperature. It also acts as a unit for checking the rate of toxic gases in the air and thereby reducing the level of pollution. So as a result of this open public spaces have been crucial in the housing and real estate sectors and even surely increasing the prices of houses.
From the analysis of article 5 it can be emphasized that there are complex ideas which are leaning towards the attributes of green open spaces in the pricing of houses. It has been demonstrated by the author that green attributes like parks are extremely necessary in case of both the areas which are intensity and the areas which has low intensity. So these green open spaces are equally important for densely populated urban setup or such setups which are scarcely populated. This has eventually led towards and impact on the pricing structure of the houses which are available in such areas. From the analysis of article 4 it was also derived that construction of modern amenities in to urban structures can improve the quality of environment and the landscape as well. Hence, the residents try to get better access to these urban landscapes with the presence of green infrastructure which is being incorporated as a form of open public spaces. This is the reason why a significant impact has also been taking place on the price of houses which are available in such areas.
Identifying the role of traditional cultures like Feng Shui as an indicator of the price of different houses in Beijing
From the literature review it was from that function has been one of the most important culture for determining the stability of a housing design. It has in a traditional form of Chinese culture which is the reason why it has an emotional appeal and the fate of people associated with the concept. Moreover from the literature review it was also noted that using Henderson equation there are two major types of pricing strategies for houses which have been developed. One of such strategies involves the modern strategy while the other is the traditional strategy that is influenced by Feng Shui.
From the analysis of artificial 3 it was estimated that there was more preference given to the neighbouring characteristics than that of traditional cultures like Feng Shui. Even though in the designs of cities and houses it is function which is given a priority yet in terms of modern day concepts like open public spaces traditional concepts of French we are given less priority. So it can be explained that using the Henderson equation it was found that the green open spaces have a significant influence on the price of houses. The major factors involved the facilities and the design of the house but open public spaces are also considered to be important more than that of traditional cultural concepts like function in Beijing.
The existing literature review has already helped in explaining the maintenance of healthy balance in the environment. This analysis has helped in bringing out other factors like the balance in landscapes and the requirement for physical activities which has led to the increase of demand for open public spaces green open spaces. This is why it has a significant impact on the price of houses in Beijing. Moreover, a comparative study between the use of Feng Shui and open public spaces as determining factor of cost have been possible with the help of this research. It was seen that people have faith on friends we but they looked after open public spaces with more priority because of their changing lifestyle. This is how it has also been able to address to the existing literature gap and find out answers to the Research question.
From this study the conclusion can be drawn with respect to the objectives and for explaining whether this research has been able to meet the research questions. Along with the conclusion there are recommendations for future which can enhance the scope of incorporating open public spaces into the houses in Beijing. There is also an identification of the limitation from this research.
5.1.1 Conclusion with respect to Objective 1
Finding out the impact of public open spaces on the price of houses in Beijing
From this study it can be concluded that incorporating open public spaces in the houses of Beijing have subsequently increased their prices. With their application of Henderson equation it was found that even though green open spaces or not the primary factor for choosing houses but it is one of the important factors due to which the prices of houses have increased subsequently. This is primarily because people tend to look ok at the characteristics and the features of the house is there going to purchase at first. Then it is the neighbourhood where open public spaces play a crucial role in maintaining a balanced lifestyle. So it is this balanced lifestyle which is being promoted by the incorporation of open public spaces into residential areas and thereby increasing the price of houses. So, the price of the house is directly proportional to the availability of the open public spaces.
5.1.2 Conclusion with respect to Objective 2
Estimating the causes of this impact of the public open spaces on the price of houses in Beijing
It can also be concluded that people are required to maintain a balance lifestyle with the help of physical activities. In addition to this they also look for relaxation in nature with the help of these public open spaces. So, there has been a subsequent demand of these open public spaces and thereby increasing the price of the houses in Beijing. It does not only compensate for the lack of oxygen in densely populated area what is also looks after regulating the temperature of the place. This is mainly the reason why the inclusion of public open spaces increases the price of houses in the country.
It can be explained that in order to get rid of the consequences involved with long time staying at home people try to use public open spaces for their practice of physical activities. In case of Beijing there are Tai chi square dance and other such physical activities which are much popular and done in the public open spaces of the residential areas. In addition to this there are different requirements of people across different generations. For example the elderly people try to use these public open spaces for walking and doing regular exercises when the younger generation amount in client to get up playground for basketball, tennis or other such sports. Hence, these open public places are incorporated into residential areas and have a significant influence on the increase in the prices of houses.
5.1.3 Conclusion with respect to Objective 3
Identifying the role of traditional cultures like Feng Shui as an indicator of the price of different houses in Beijing
This research was also explained that been a traditional concept Feng Shui has been a matter of faithful people for a long time in Beijing. Yet at present with the modern amenities and concepts it is the neighbourhood ambience which plays a more crucial role for choice of houses than that of the traditional concepts of Feng Shui. So it can be concluded that people or more incline towards public open spaces than that of Feng Shui when it comes to choosing their house in Beijing. This research has successfully been able to address the gap in the existing literature by finding out the differences between the impact of Feng Shui and that of the public open spaces in case of the price of houses. It has also been described with the help of this research the extent to which please public open spaces can have an impact on the pricing strategy houses in Beijing.
This research has been able to identify the reason behind influence of green open spaces on the price of houses in Beijing. This study has involved for comparative analysis between Feng Shui and green open spaces as determining factors of cost and their by explaining the variation of cost on the basis of these factors. This study was also explained the ways in which better solutions can be offered for ensuring better experience of the customers in the real estate industry. This study has likely been able to answer the research questions and point out the major reasons behind the growth of demand for green open spaces in the present day especially in Beijing.
From this study it can be recommended that:
- Since there is adequate demand for green open spaces incorporating them into the design of houses can be beneficial for the real estate sector of Beijing. In addition to Green open spaces they can also the other public open spaces outdoor games and activities incorporated keeping in mind the different types of young and old age people who can be a part of the housing complex.
- It is required to consider that since public open spaces increase the prices of houses people will small watches shift to green view concepts involving green rooftop or green walls. So, housing complexes should be designed in such a way so that we can incorporate who built public spaces also keep in mind the basic budget and affordability factors of people.
- Concepts like Feng Shui are also required to be considered while dealing with the design of houses in Beijing. Even though there is more demand of open spaces but it was found that people still have faith and believe in traditional concepts like Feng Shui. It is required to estimate the impact of Feng Shui and design the recommended strategies accordingly.
- Since open public places are into demand so considering the requirement of the people from different generations should be encouraged. Play stations can be installed for kids while basketball quotes or quotes for other sports can be designed for the youth. There should also be walking area incorporated around these open spaces so that the elderly people can take a walk or can practice their day to day activities. This will not only help them to attract the customers but will also be enhancing customer loyalty.
5.3 Further scope of study
Due to constraints of time and limitations of collecting primary data this research could not be able to collect primary data. Future studies can be conducted in similar area by incorporating some primary data. This can help to draw better comparison between existing secondary data resources and the use of primary data for the study. In addition to this it can also be effective if the views of the real estate agents can also be incorporated. They will be able to describe in a better way weather their industry has been impacted with the help of public open spaces or Feng Shui and other such traditional cultures.
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