Integrating Environmental Element In Maximizing Business Profit: An Application Of Hedonic Pricing Method

Abstract

Hedonic Pricing Method (HPM) is an innovative design used to determine property price. The property price will be estimated by using a combination of structural, neighbourhood and environmental attributes. Usually, the property price is determined based on structural attributes and neighbourhood attributes. The integration of environmental attributes is a new design that will be recommended to the practitioners. HPM will help the developers identify the best property price even though the environmental attribute was considered. HPM will be aided by Geographical Weighted Regression (GWR) and Geographical Information System (ArcGIS) to identify and visualize the best location, contributing to the maximum profit.