Impact of Green Spaces on House Prices

Abstract

Studies around the world have shown that urban green spaces have a positive effect on house prices. The economic benefits of green spaces are an issue that still needs to be addressed. When analyzing scientific literature, it is problematic to compare studies on the influence of green spaces on house prices, due to the absence of a unified assessment system. Working on studies examining a similar categorisation of green spaces, the application of the same assessment methods and the use of a common set of variables would allow for more detailed and accurate analyses. Therefore, the aim of the work is to identify the categories of green spaces and the method of evaluation, which most accurately describes the impact of urban green spaces on housing prices. This work examined 8 studies, most of which were carried out in Europe. An analysis of studies has shown that the most commonly used method for determining the impact of green spaces on house prices is the hedonistic pricing method. When analyzing literature it was noticed that quite often the influence on the price of housing was measured only from a few types of green spaces, although the classification of green spaces is very wide. Most often, the studies did not analyse the sources of noise and pollution. Inclusion of these factors in the assessment would allow comparing the significance of noise and pollution sources and green spaces for the population. An analysis of studies has shown the importance of distance to the city center. In view of the shortcomings of the studies examined, a categorisation of green spaces and related elements has been brought up, which is proposed to be used in further studies on the impact of green spaces on the price of housing.