Responsible Property Investing in Emerging Cities: A Hedonic Price Study of Thailand’s Condominium Market

This study investigates whether Responsible Property Investing (RPI) attributes are capitalized into condominium prices in the Bangkok Metropolitan Region. An integrated analytical framework combining Exploratory Factor Analysis (EFA) and a log–log Hedonic Price Model (HPM) was applied to a dataset of 187 condominium units derived from Environmental Impact Assessment (EIA) reports and market data. The results indicate that traditional determinants remain dominant. Unit characteristics, particularly spatial quality (β = 0.530) and interior decoration (β = 0.244), exhibit the strongest positive effects, while building amenities also contribute positively (β = 0.260). In contrast, building density (β = −0.168) and location-related distances, including transport accessibility (β = −0.323), negatively affect prices. Most RPI-related attributes are not statistically significant. Only sustainable technology (R4) shows a significant but negative effect (β = −0.206), reflecting heterogeneous valuation. These findings suggest that sustainability features are valued primarily when their benefits are directly observable, while other attributes remain weakly perceived due to information asymmetry and delayed economic returns. Overall, sustainability is only partially capitalized and context-specific in this emerging market, highlighting the need for improved market signaling, policy incentives, and greater transparency of performance information to enhance value recognition.