말레이시아 콘도미니엄 가격형성요인에 관한 연구- 쿠알라룸푸르 지역을 중심으로

A Study on the Determinants of Condominium Price in Kuala Lumpur, Malaysia

The study analyze Malaysia condominium by using hedonic price model in order to broaden our understanding on Malaysian condominium market. The empirical result shows major condominium-concentrated residential areas such as Bukit Bintang, Ampang Hilir, Bangsar, Ampang district, and so on, command higher condominium price. The locational characteristics such as the accessibility to LRT (Light Rapid Transit similar to subway in Korea), proximity to international school, and availability of shopping center, have a positive influence on condominium price. This study also confirms condominium complex characteristics such as the number of unit and the number of complex facilities have a significant positive effect on its price. The unit in the condominium complex with Wi-Fi facility, barbecue facility, and security system, is sold at higher price. The age of condominium complex has a negative effect on its price. There are two types of ownership called as leasehold and freehold in Malaysian condominium market, which is different from Korean housing market. In Malaysia, the condominiums with freehold ownership (similar to complete ownership) are traded at higher price. The empirical result also shows condominiums developed by foreign construction companies, are preferred to Malaysian construction companies. This empirical result means Malaysian condominium price is influenced by the country of origin effect. Lastly, condominium unit characteristics such as unit size and whether the unit is fully furnished or not, also have a significant influence on condominium price. The fully furnished units are transacted at higher price.