The rationale of this website is to provide a user-friendly and simple way for the general users to value their own flats. A model has been designed to include the major characteristics of units in Belvedere Garden to investigate into the relationship of these factors and the price of the subject unit.
Meanwhile, time dummies have been included to account for the change of general price level of the subject year compared to that of the base year (1990 Quarter 4).
By adopting various functional forms, these attributes are tested and the coefficients generated from the E-view analysis indicate their corresponding relationship with the property price.
By adopting the final model on WordPress, users are able to conduct valuation of their own properties immediately by inputting simple data of the subject property. The latest time dummy adopted is until 2015 Quarter 3.
For the maintenance and long lasting of the valuation of Belvedere Garden, new time dummies will be updated to the model. With the implementation of new time dummy variable, the model will be tested by considering their coefficients, T squared value and the R-square value. The model will be adjusted accordingly such that users are able to generate more accurate valuation.