PROGRESS IN GEOGRAPHY ›› 2014, Vol. 33 ›› Issue (2): 211-221.doi: 10.11820/dlkxjz.2014.02.007

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Influencing factors of land price in Nanjing Proper during 2001-2010

GAO Jinlong1,2, CHEN Jianglong1, SU Xi1,2   

  1. 1. Nanjing Institute of Geography and Limnology, CAS, Nanjing 210008, China;
    2. University of Chinese Academy of Sciences, Beijing 100049, China
  • Received:2013-09-01 Revised:2013-11-01 Online:2014-02-25 Published:2014-02-25
  • Contact: 陈江龙(1974-),男,福建厦门人,副研究员,主要从事区域规划与土地利用研究,。;
  • About author:F291.2.1

Abstract: As one of the most representative and sensitive elements, land price has always been the core of the land market and the focus of the studies. Especially in recent years the land finance provides important support for rapid urbanization in China, which has made the land market and the pricing mechanism a focus of academic research. Current studies have achieved a lot, but most of these studies are based on either a single type, or a single year. Also, most of these studies lack scientific theoretical frameworks. In order to further affirm the main factors influencing the different types of land prices during the developmental process, this paper builds an analysis framework for influencing factors of land price based on the theory of supply and demand. In a perfectly competitive market, the curve of supply-and-demand has great effects on the land pricing process together with its corresponding supply-and-demand amount. From a geographical perspective, the demand amount of urban land is mainly affected by the factors such as market, location, facilities and so on, whereas the natural supply amount of urban land is mainly affected by the factors such as local landscapes, geological features and any other natural conditions. Meanwhile, monopoly behaviors, government regulation controls also have impacts on urban land prices all the time. In this paper, we take the 96 towns of Nanjing Proper as basic analysis units, and use the transaction data of residential, industrial, commercial land during 2001-2010 to simulate the main factors influencing the three different types of land prices with the Hedonic model. The results demonstrate that the demand factors such as economic, demographic, location and facilities, as well as the supply factors such as geological features and natural landscape, both have impacts on the land prices. But the impacts on the different types of land prices are not the same: the residential land price is more affected by demand factors. The larger the population size, the better the potential for economic development, the more favorable geographic conditions, the more opportunities to have higher residential land prices; the industrial land is relatively weakly influenced by the demand factors, and more influenced by the supply factors; the commercial activities require a relatively higher scale, but with less environmental impact. So the commercial land price is mainly affected by the level of demand factors, such as the local economy, population size, distance to the CBD and other traffic conditions, and the supply factors had no significant effects. Compared with the previous studies focusing on natural and geographic conditions, this study considers more humanity factors. And the theoretical framework built in our study may be of great significance for urban land pricing both in theory and in practice. One drawback is that we just take the towns as the basic analysis units. So, we cannot take the land area of each transaction into account. As a result, the scale benefit might be ignored. And that is just what should be taken into consideration in our future work.

Key words: influencing factors, Nanjing Proper, theory of supply and demand, urban land prices

CLC Number: 

  • F291.2.1