頂級豪宅價值結構之分析：需求者行為觀點

Analysis of the Value Structure of Top Luxurious Apartments: A Perspective from the Homebuyers and Their Behavior

頂級豪宅的價值通常與一般住宅的價值不一樣，除了一般住宅的消費價值與投資價值之外，頂級豪宅還會多一個奢侈價值。本研究是利用實質選擇權法來評估頂級豪宅價值，在各種參數分析下，分析頂級豪宅價值與三個組成價值的變化。研究發現，住宅資本利得稅、住宅租金收益率與住宅價格指數會正向影響頂級豪宅消費價值。因此，當頂級豪宅價格有泡沫時，則可以透過增加一般住宅資本利得稅或降低不動產價格指數變異，讓豪宅價值下降，改善市場投機的行為。本研究也可以提供政府理論模型，利用政策對住宅價格調控，使國民對國內住宅政策有正面肯定。

The value of a top luxurious apartment is different from the value of a regular residential house because of additional luxury value besides the value of consumption and investment. The study adopts the real option approach to decompose the value of luxurious apartments into three values and explore how they are affected by given parameter setups in the model. The paper finds that a tax on capital gains, the return rate of rental income and the price index of the residential index tend to positively affect the consumption value in luxurious apartments. The interest rate, return rate of rental income and price index of the residential index will positively affect the luxury value. Therefore, policies to impose higher taxes on capital gains from housing transactions and reduce the variation in the residential price index will decrease the value of luxurious apartments and the investment value recognized by speculators. This paper provides theoretical support for governments to enact possible policies to affect housing prices in the market.