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In the context of rapid urbanization in China, the land market has become one of the focuses of the whole society. Based on the residential land transaction data from May 2006 to March 2010 in Hangzhou, this paper applies the hedonic price model of spatial econometrics to study the evolving trend and the influencing factors of land prices from two aspects of time and space. The results show that, compared with OLS estimation result, the estimated results of spatial econometric model improve significantly. And floor area ratio and land grade have a significant impact on land prices. At the spatial level, there is a significant spatial dependency between the error terms of land prices, and the price fluctuation between the adjacent lands is significant, besides the distance to the urban landscape center West Lake has a significant negative impact on the land price. In temporal dimension, land prices have an obvious rising trend, but the rising degree of land prices declines evidently in the period of international financial crisis.

The Analysis on Spatial-Temporal Evolution and Impacting Factors of Residential Land Price in Hangzhou: Evidence Based on Spatial Econometric Model