The Effect of Natural Space on Nearby Property Prices: Accounting for Perceived Attractiveness

Daams, Michiel; Sijtsma, Frans; Vlist, A.J. van der

doi:10.3368/le.92.3.389

Cited by 54 publications

(43 citation statements)

References 47 publications

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“…When HPM is used, it is necessary to assume that each individual is clearly aware of the circumstances surrounding the house and that the purchaser purchases the best housing desired [16].…”

Section: Methodsmentioning

confidence: 99%

Park Accessibility Impacts Housing Prices in Seoul

et al. 2017

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Housing prices are determined by a variety of factors, including the features of the building and the neighborhood environment, and a potential buyer decides to buy a house after reviewing these factors and concluding that it is worth the price. We used Hedonic Price Methods to find the relationship between monetary value of house and access conditions to urban parks. Two meaningful results were discovered in this study: first, as the distance from the park increases, the value of the park inherent in the housing price decreases; second, the greater walking accessibility, to the park, the higher the park value inherent in housing prices. Despite presenting shorter distances to walk and more entrances, poorly accessible zones were deemed as such due to the necessity of crossing an arterial road. This indicates that the results can define accessibility not as the Euclidian distance but as the shortest walking distance while considering crossroads and park entrances. The results of this study have significant implications for urban park economic impact analyses in Seoul. Also, the increase in housing prices closer to parks supports the idea that access is dependent on the residents' socioeconomic status. Lastly, the results of this study can improve walking accessibility to the park.

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Section: Methodsmentioning

confidence: 99%

Park Accessibility Impacts Housing Prices in Seoul

et al. 2017

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“…We use the range showing the highest estimate of these price gains. Research using the Hotspotsmonitor (Langers et al, 2013; Sijtsma et al, 2013a), a survey tool that measures landscape appreciation, suggests that housing value increments are much higher in appreciated natural areas than in green or nature areas which are merely classified as such in a land-use sense (Daams, 2016; Daams et al, 2016). Since the projected new housing in the assessed scenarios is likely to be built in such highly appreciated natural areas, our use of the highest price gain estimates seems to be justified.…”

Section: Methodsmentioning

confidence: 99%

Planning nature in urbanized countries. An analysis of monetary and non-monetary impacts of conservation policy scenarios in the Netherlands

Sijtsma

Bilt

Hinsberg

et al. 2017

Heliyon

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Planning and conserving nature areas are challenging tasks in urbanized and intensively used countries like the Netherlands. This paper supports decision making and public policy debate about these tasks in both an empirical and a methodological way. Empirically, we explore policy alternatives by determining the potential consequences of different nature policy scenarios in the Netherlands. Methodologically, we employ a mixed monetary and non-monetary evaluation method known as multi-criteria cost-benefit analysis (MCCBA). We evaluate four new future directions of Dutch nature policy that address four dominant stakeholder demands: biodiversity conservation, the provision of ecosystem services, recreational potential as well as economic gains. To balance compact presentation of evaluation outcomes on the one hand and information richness of results on the other, we distinguish between two impact indicator sets: three “headline” and ten “elaborate” indicators. Using these indicators we discuss the quantitative assessment of the four nature policy scenarios by comparing them to two other scenarios, reflecting the 2010 stand-still baseline situation (2010) as well as a reference policy (Trend). In total, we evaluate six scenarios; four present new directions and two reflect existing or recently (2010) halted practices. Our findings first of all show that even in an urbanized country like the Netherlands, with its intensive competition among land use functions, serious gains in national and international biodiversity are possible. Second, we find that it is doubtful whether stimulating the provision of regulating ecosystem services in a country which applies intensive and profitable agricultural techniques is beneficial. Other countries or areas that are less suitable for intensive agricultural practices may be more logical for this. Finally we demonstrate that increasing urban recreational green space − a common challenge for many urban areas − can only be achieved at relatively high costs, while it does not seem to lead to relatively high scores on nature appreciation. Nature appreciation seems to be served better by wilder nature than by park-like nature.

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“…There is evidence of a positive premium in housing prices at locations near open and green spaces that are perceived as beneficial and attractive (Daams, Sijtsma and Van der Vlist, 2016;Earnhart, 2006;Irwin and Bockstael, 2001) 1 . Analyses aimed to estimate the effects of open spaces on real estate values have found that in general proximity to these amenities has a positive impact (Conway, et al, 2010;Lutzenhiser and Netusil, 2001).…”

Section: Open Spaces and Property Valuesmentioning

confidence: 99%

The Complex Interactions between Cities and Nature

2017

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Purpose: Proximity to nature is highly valued by urbanites. They demonstrate higher willingness to pay for housing at locations near open and green spaces. But, nature in cities can generate negative externalities as well. The aim of this paper is to present the complex relationship between nature and cities and the possible negative influence of urban nature on property prices. Methodology/Approach:The data presented in this paper include open spaces, the presence of wild animals and residential property values in Haifa, Israel. These data were analyzed to uncover spatial regularities and basic statistical relationships. Findings:The results reveal the expected presence of dominant positive externalities related to proximity to open and green areas. However, in certain areas and under certain circumstances, the nuisances generated by the presence of wild animals in close proximity to housing are correlated with lower property prices. Research Limitation/implication:We demonstrate in this paper that that there is a complex relationship between nature and cities, albeit focusing our analysis on large mammals in cities only. Disentangling positive and negative externalities of urban nature is a challenging task. The paper presents an example of the potential difficulties that need to be dealt with in such analysis.Originality/Value of paper: Through the case study, we show that there are good reasons to believe that there are both positive and negative externalities of nature in cities. To our best knowledge, attempts to disentangle both types of effects using property values do not exist in the literature. Category: Research paper

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The Effect of Natural Space on Nearby Property Prices: Accounting for Perceived Attractiveness

Cited by 54 publications

References 47 publications

Park Accessibility Impacts Housing Prices in Seoul

Park Accessibility Impacts Housing Prices in Seoul

Planning nature in urbanized countries. An analysis of monetary and non-monetary impacts of conservation policy scenarios in the Netherlands

The Complex Interactions between Cities and Nature

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