房价、地价与建物价值之折旧效果分析

Depreciation on Housing,Land and Improvement

近年来台湾受都市更新热潮影响,房价于建物经济寿命后期呈现随屋龄增加而价格增加的逆折旧现象。理论上房价由土地与建筑物价值组成,因此,本文运用复回归分析模型,以高雄市之房地产交易价格数据,分别探讨房价、土地与建物之屋龄效果。实证结果显示,房价与地价随屋龄增加呈现先降后升;而建物价值则呈现凸向原点的递减现象,而且随着发展程度的不同而异。此结果说明了价值反转现象主要来自土地再开发的可能性。

Depreciation declines the value of an asset over time. However,that housing value first decreases but then increases within its residual economic life,which is called inverse depreciation,is different from the general depreciation paradigm in Taiwan. We use multi-regression analysis to address the depreciation of land,improvement and housing value in Kaohsiung. The results show an inverse depreciation of housing and land values,with greater structure age leading to greater land value and housing value but lower improvement value.