Table 2.

Description of variable and data sources

Variables	Description	Sources
Dependent variable
Land price	Change in median residential land price/Natural log in median residential land price	Department of Land Administration
Independent variables
Spatial regressor	A weighted average of neighbour’s land prices in natural log
Income	Change in income per capita/Natural log in income per capita	Financial Data Centre, Ministry of Finance
Population density	Change in density/Natural log in density	National Statistics Taiwan

*Relevant variables are converted to real measures using CPI.