MODEL THE RESIDENTIAL LAND PRICE:

This paper analyzes the factors that possibly influence the price of residential land in Han Kou town, Wu Han city, China. Based on these factors, as well as the real land auction price, a multiple regression model was employed in this case study. In the modeling process, GIS was used to measure possible influential factors in the price-setting process. In addition, step-wise analysis was used to isolate insignificant factors in the regression model. Six new residential plots in Han Kou town were used to validate the formulated model. The results show that the model can predict residential land price accurately, and is possible to update the government’s Bench Mark Price (BMP). 3rd CPN Conference Proceeding 28