The influence of privately initiated rezoning on housing prices

Abstract

Purpose The purpose of this paper is to evaluate the parcel-level impacts of the zoning change. Design/methodology/approach Using hedonic regression and propensity score matching econometric techniques, this paper analyses single-family housing prices within Fulton County Georgia. This paper combines data on the parcel-level zoning changes with nearby housing sales transactions to study the potential externality effects because of rezoning induced by private parties. Findings The paper finds evidence of heterogeneous rezoning effects, depending upon the type of rezoning conducted. At a distance within 0.75 miles, housing prices appreciate by 8.31% when nearby privately initiated rezoning maintains the residential character of a neighbourhood. However, housing prices decline by 21.26% when residential housing zones are converted to non-residential housing zones. The negative influences of rezoning residential use to non-residential uses decline as distance increases. Originality/value The analysis provides quantitative information on the impact of rezoning on residential property prices. Planning officials and developers can use these results to assuage homeowner fears of potential negative housing price effects associated with rezoning.

Factors affecting commercial housing prices in Vietnam

“…Specifically in areas with convenient traffic systems, modern lighting systems, clean environment, good security, house prices are highest ( up to 50,000,000 VND/m 2 – 22,000 VND = 1 USD ). Thus, it can be seen that in Bac Ninh city, the commercial housing price is also affected by neighboring factors like the studies of Muzindutsi et al (2020); Özsoy and Şahin (2009); Robert and Zahirovic-Herbert (2021), not only that, but it is also affected the most compared to the other factors.…”

“…Conversely, when housing supply increases and demand does not change, housing prices decrease (Nazemi and Rafiean, 2020). The other factors affecting housing prices include distance to the center, infrastructure conditions, socioeconomic conditions, architectural features of housing (Muzindutsi et al, 2020;Robert and Zahirovic;Herbert, 2021;Özsoy and S ahin, 2009;Osland and Pryce;Brzezicka, 2020). Housing prices also depend on the preferences of buyers' characteristics, state policies, laws, etc.…”