Socioeconomic and Environmental Factors Affecting House Rents in Islamabad
Journal Title: Research Journal Social Sciences (Online) - Year 2017, Vol 6, Issue 1
Abstract
Socioeconomic and environmental factors play an important role in determining the housing prices. This study investigates both socioeconomic and environmental factors that influence the rental price of housing in Islamabad. The primary data were collected by using the questionnaires through survey conducted in urban areas of Islamabad. Random sampling technique was used to collect data from 380 respondents. The Hedonic Price Model was applied to estimate the impact socioeconomic and environmental factors on house rental prices. The empirical results shows that Building characteristics like total covered area, total number of bathrooms, proper sewerage system, security system, total number of TV lounge, availability of lawn and availability of school, college public transportation, park, play ground in the vicinity, gas, water and electricity facility in house, Presence of trees in the house, balcony, garage, number of bedrooms, distance to the nearest hospital are all significant variables and have positive impact on house rents. All the above variables have positive impact on house rents. On the other hand age of the building, distance to the industry, distance to work place and number of floors has negative impact on house rents in Islamabad. Furthermore, the locational characteristics of the houses attract the lessee and it has significant impact on the rental price of the houses. Therefore the government should build small parks, lakes, streets and make a best sewerage system as well as extend the environmental services.
Authors and Affiliations
SAGHIRA KIRAN
Keywords
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