DETERMINANTS OF PRICING FOR NEW CONDOMINIUMS IN BANGKOK: A MULTI-LEVEL ANALYSIS USING WEB-BASED DATA

Abstract

Previous studies have demonstrated that the listing prices of residential units are influenced by both unit-specific characteristics (such as the number of bedrooms) and broader building-level attributes (such as proximity to train stations). However, these unit-level characteristics are frequently embedded within the building attributes, leading to potential violations of the assumptions underpinning many conventional analytical techniques. To address this issue, the present research employed a multi-level analytical approach to examine the extent to which the listed prices of newly developed condominiums in Bangkok are determined by these two categories of factors—unit features and building attributes. Drawing on a dataset comprising 1,372 condominium units obtained from a real estate website, the multi-level analysis revealed that both sets of variables significantly influenced pricing. Furthermore, statistical outcomes affirmed the appropriateness of the multi-level method for the dataset under investigation. Beyond contributing to methodological discussions concerning price determinant analysis, the study also offers practical guidance for a range of stakeholders. For example, the total number of units within a building and the number of floors were found to significantly impact unit prices. Accordingly, property developers are advised to take these aspects into account when determining pricing strategies.