Willingness to Pay and Perception for Preferred Natural Light, View and Space Shape of Condominium, the Case of Baldaras Condominiums, Addis Ababa
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Date
2022-06-01
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Addis Ababa University
Abstract
Even though it is taken as common knowledge that natural light, view and the space shape are important attributes of any living space, how significant they are in the eye of the dweller, in what way they are preferred and how those demands can possibly be appreciated financially was the main interest of this paper. The task of satisfying the research intentions was carried out mainly by surveying condominium dwellers attitude towards the significance of natural light, view and space shape and in what way they preferred them, with how much they will be willing to pay to attain them. Another method used was a focus group discussion with professionals involved in the real estate business be it designing, valuing, selling and buying of condominiums to understand the financial influence of the attributes on condominium value. From the data analyzed it can be concluded that natural light, view and space shape are considered as a very significant part of the condominium life, view having a less gradation than the other two. The preferences for natural light were medium to very lit, for view to the green and common area and for space shape rectangular and square were popular choices. With willingness to pay that ranged from 1500 birr to 0. It was concluded that natural light, view and space shape are considered as very significant to the dweller, with a visible willingness to pay that can be processed to be the indicative financial value to the attributes.
Key Word: Natural light preference, view preference, space shape preference, willingness to pay