The contribution of scenic views of, and proximity to, lakes and reservoirs to property values

Nicholls, Sarah; Crompton, John L.

doi:10.1111/lre.12207

Cited by 11 publications

(7 citation statements)

References 60 publications

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“…Studies of housing and built environment tend to link property values to multiple external parameters combined, among which is the 'location' (Whipple, 2006). On the one hand, proximity to scenic views (Mothorpe and Wyman, 2017;Nicholls and Crompton, 2018), heritage houses (Narwold, 2008), services such as nodes of public transport (Diao et al, 2017) and open space and parks (McCord et al, 2014) are proven to cause increase in neighbouring property prices. On the other hand, proximity to hazards or risks suggest reduction of property prices such as high voltage overhead transmission lines, or HVOTLs (Bond, 2013;Wyman and Mothorpe, 2018), pollutants (Endah, 2013;Simons and Saginor, 2006;Simons et al, 2015), stigmatised properties (Chapman et al, 2019), haunted houses (Bhattacharya et al, 2019), and gaols (Broome, 1988).…”

Section: Proximitymentioning

confidence: 99%

From hard bed to luxury home: impacts of reusing HM Prison Pentridge on property values

Shehata

Arqoub

Langston

et al. 2020

J Hous and the Built Environ

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This paper uses statistical analyses to understand the effect of proximity of old prisons on property prices. The study employed semi-log hedonic regression models; a quantitative research method applied to assess the impact of proximity to heritage gaols on property prices for a case study of HM Prison Pentridge in the time range between 2015-2019. Results demonstrated that the former Pentridge has a variable effect on properties lying in and around its current heritage borders. Pentridge shows a diminution effect on prices of residential properties on its land currently being developed to a mixed-use precinct, as well as its intimate surrounding residences. Inversely, Pentridge shows a positive price-effect on properties lying at distances between 400m to the maximum study range of 1400m in the case of 'houses', and between 600m to the range of 1000m in the case of 'units'. Findings of this research suggest that prices of properties with direct visual access to Pentridge's structures are negatively affected. Results also suggest that Pentridge's current redevelopment project may have contributed positively to property prices lying outside the direct visibility zone. To be able to further validate these interpretations, similar research may consider other variables influencing property valuation, such as direct visibility of the gaol as well as interviews that assess the 'attractability' of Pentridge's redevelopment. Future studies may examine the rate of change in property price along time for each distance band from the gaol borders. Future research may also consider duplicating the methodology to assess the comfortability towards gaols converted to museums, as well as gaols that are still in operation. The originality of this research emerges from the distinct lack of quantitative evidence in the current literature. Most research has investigated uncomfortable heritage focusing on qualitative assessments of memory, stigma, commemoration, and shame, with limited scholarly attention paid towards property depreciation effects as a result of Australia's prison history, nor increasing effects due to gaols' reuse and redevelopment. Decision-makers and stakeholders of equivalent dark heritage reuse projects will find this research useful in understanding potential impacts on surrounding property prices. Property valuers and real estate companies operating in Coburga suburb of Melbourne, Australiamay use the related tables and figures in guiding their business for the coming years.

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Section: Proximitymentioning

confidence: 99%

From hard bed to luxury home: impacts of reusing HM Prison Pentridge on property values

Shehata

Arqoub

Langston

et al. 2020

J Hous and the Built Environ

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“…According to Ge and Du (2007), property value is an essential aspect of property markets worldwide and determined by a variety of factors and the determination of those factors is a significant part of property valuation. The proximate principle suggests that the value of environmental amenity is partially captured in the price of residential properties close to it (Nicholls & Crompton, 2018). Example is the case of Abuja and alteration occurring in rent movement invariably impacts each and all type of residential property though in variable levels.…”

Section: Introductionmentioning

confidence: 99%

Assessment of the Contribution of Environmental Attributes to Residential Property Rental Value in Abuja

Ayeni¹,

Kemiki²,

Popoola³

et al. 2023

ETSJ

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The contribution of environmental attributes in residential price determination is premised on the issue relating to inefficient attributes pricing. The study analysed three environmental attributes such as structural, neighbourhood and natural attributes of the environment with a view to determining its hedonic value upon which residential property price is derived. In order to achieve the aim of the study, a sample size of 2401 was drawn out of 104166 properties using estimation method; 50% estimation rate and precision range of ±4 were adopted in estimating the sample size. The study administered two set of structured questionnaires; one to Estate Surveyor and Valuer firms to collect data on rental values (2008-2019) and second questionnaires were administered on the respondents to collect information on condition of environmental attributes using the census and simple random sampling method technique. Hedonic regression was employed to analyse the data. Environmental attributes were scored based on current condition and ratio scale was used alongside the average property value. The result revealed that neighbourhood attributes contributed between 60.3% -71.6%, natural attributes contributed between 60.3%-71.7% while structural attributes contributed between 66.8%-75.1% in determining the property values across the selected areas. The result of mixed regression analyses further revealed that environmental attributes contributed about 70.1% in determining the value of property in the selected areas. Environmental attributes such as natural and man-made water supply, road, quality wall-structure and floor, landscape, bathroom and streetlight contributed significantly in the determination of property values across the study areas. The study therefore concludes that the value of environmental amenity should be captured in the price of residential properties close to it. It is recommended that every stakeholders in the built environmental advocate for quality and even distribution of common environmental facilities that are key to development of property market in Nigeria.

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“…On top of that, these lakes' aquatic systems can improve the urban microclimate problem by absorbing solid pollutants, increasing air humidity, and reducing the adverse thermal radiation during the hot season [2][3]. Besides, with these aesthetic and scenic values, they are enticing the attractive water resources, which are capitalized into property prices [4][5].…”

Section: Introductionmentioning

confidence: 99%

Sustainable Surface Water Dissolved Oxygen Monitoring at Lake 7/1F, Shah Alam, Selangor

Ali¹,

Thamrin²,

Misnan³

et al. 2021

JMechE

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Shah Alam is in Selangor, Malaysia and symbolized with several lakes that are popular among local communities and visitors for leisure and recreational activities. Among of these lakes, few lakes need management to look after its hygienic and well-being to serve its purpose as the recreational lake for the nearby community, such as Lake 7/1F, Shah Alam, Selangor. The secluded location of this water reservoir has made it unpopular, and improper management of it could invite an imbalance environment to its surrounding. Therefore, to initiate the effort, an Internet-of-Thing (IoT) water monitoring system is deployed at this lake to study the dissolved oxygen (DO) level in the water that could indicate the health status of this lake. The system consists of a DO sensor, embedded controller, self-charging power supply, wireless data transmission, and IoT dashboard for in-situ DO measurement. From the analysis, the lake has the normal cycle of DO production, but a dangerous condition is detected when the concentrated DO in the lake water is mostly below the saturation value.

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The contribution of scenic views of, and proximity to, lakes and reservoirs to property values

Cited by 11 publications

References 60 publications

From hard bed to luxury home: impacts of reusing HM Prison Pentridge on property values

From hard bed to luxury home: impacts of reusing HM Prison Pentridge on property values

Assessment of the Contribution of Environmental Attributes to Residential Property Rental Value in Abuja

Sustainable Surface Water Dissolved Oxygen Monitoring at Lake 7/1F, Shah Alam, Selangor

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