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Although interest in sensory atmospheres and urban ambiences has been growing in urban studies, little is known about the economics of such ambiences. In architecture research, urban atmospheres or ambiences have been studied qualitatively through surveys and interviews. So far, the value of ambience has been focused and quantified only for heritage buildings. However, non-heritage buildings and open spaces also shape urban ambiences, either positively or negatively. This paper seeks to empirically disentangle cohort ambience effects on house prices based on the proportion of various house cohorts to the total number of houses within either a 0.5 km or a 1.0 km radial circle. Based on more than 56,000 housing transactions from 2010 to 2019 in Auckland, New Zealand, the results confirm that houses in a neighbourhood with historic ambience have a premium of more than 20%, ceteris paribus. This finding opens up a new research agenda on the economics of architectural aesthetics and suggests that there should be further studies of the price effects of various types of urban ambiences. The results may also have important implications for architects, urban planners and government officials conducting cost-benefit analyses.

PurposeThis study hypothesises that sale and leaseback (SLB) cap rate is lower than the market cap rate in emerging economies, and the difference is due to institutional cost and vacancy risk. This study aims to provide a novel SLB-Cap-Rate Model to assess the performance of SLB transaction (SLBT).Design/methodology/approachSLBT data are generally not publicly available in developing countries. This study collected data from 31 SLBTs by conducting semi-structured interviews with stakeholders in Vietnam in 2019. The market cap rates were collected from consultants' reports. The hypotheses are tested by three regression models.FindingsThe results show that the SLBT cap rate is significantly less than the market cap rate in Vietnam, and most of the cap rate discount can be explained by institutional and risk factors. This suggests that SLBT helps to reduce search costs for tenants and vacancy risks. It explains why SLBTs are becoming more common in emerging countries.Practical implicationsThe study has a strong practical implication for assessing the performance of SLBT for both buyers and sellers. It introduces a novel model for analysing the cap rates and potential risks of SLBT to facilitate property investment decisions.Originality/valueThis paper is one of the studies that contains new knowledge on SLBs in a developing country specifically Vietnam.

Price discovery is an important research topic in real estate due to the heterogeneous nature of housing attributes and relatively thin trading activities compared to other assets. In Commonwealth countries, including New Zealand, governments usually conduct periodic appraisals for the purpose of collecting rates and levies. Such official appraisal values of properties, also known as capital values (CVs), are considered a price anchor for market participants in their negotiation processes. Real estate agents often use these appraisal values to advertise their listings and negotiate transaction prices. In this study, we aim to make an initial attempt to study the influence of CV on market prices using Granger causality tests and a hedonic pricing model. To test the lead-lag relationships, three million housing transactions from 1990 to 2020 in New Zealand are used to construct the capital values (CVs) and transacted prices (TPs) indices in both primary and secondary housing markets. The Granger causality test suggests that the indices of TPs and CVs have a bi-directional lead-lag relationship in the secondary housing market, whereas the relationship does not follow in the primary market where the information on CVs is unavailable. The results imply the existence of a CV anchoring effect. Such anchoring effects are also contingent on the timeliness of price anchors, which is consistent with the availability heuristic from behavioural economics.