The influence of buyers' aesthetic preferences for building facade colors on the pricing of high-rise residential properties: a hedonic pricing model analysis

PurposeThis study aims to investigate the impact of consumers' aesthetic preferences for building facade colors on the price of high-rise residential properties. It explores how differences in color qualities influence transaction pricing, providing insights on market demand.Design/methodology/approachThis study examines transaction data for apartments and condominiums in Petaling from 2023 to the first quarter of 2024, obtained from the National Property Information Centre. A hedonic pricing model is used to investigate the relationship between price components and facade color qualities, whereas quartile regression is used to determine how preferences fluctuate across income levels.FindingsThe results indicate that lower chroma and saturation levels are associated with higher transaction prices, while blue-green and red-purple hues are the most favored. In addition, income level influences aesthetic preferences, with higher income buyers demonstrating more selective tastes.Research limitations/implicationsFuture studies could expand by incorporating additional variables, refining color measurement techniques and exploring cross-cultural differences in facade color preferences.Practical implicationsThe findings offer valuable insights for property developers, architects and urban planners in aligning facade designs with buyer preferences, ultimately enhancing marketability and property value.Originality/valueThis study contributes to the limited body of research on facade color preferences in local housing markets. By integrating color attributes into hedonic pricing analysis, it provides empirical evidence on the impact of aesthetic factors on property valuation.