Urban Greenery as a Component of Real Estate Value

Abstract

Due to the specific characteristics of cities, such as the intensity of the use of space, the supply of green areas is limited. These areas are subjected to constant pressure (demand for new transportation or construction functions), which usually results in their reduction. As a consequence of this, green areas have become a limited asset in urban environments. City dwellers, seeking a high quality of life in the urban environment, pay attention to the proximity of greenery to their place of residence. This is, therefore, a factor that greatly influences market prices of residential real estate. In the study, the dependency of transaction prices of residential premises on the vicinity of urban greenery was subjected to analysis. Additionally, questionnaire studies were conducted with respect to the evaluation of the significance of environmental factors when choosing a place to live, which translates over to the decisions made by consumers on the real estate market.

The Influence of Traffic Noise on Apartment Prices on the Example of a European Urban Agglomeration

“…In the presented study, the former factors do not apply (absence of water bodies, scarce vegetation which is typical of residential estates built in the 1970s and the 1980s), whereas data on air pollution were not available. The influence of green areas was evaluated by [45] based on an analysis of housing prices and the results of a survey involving real estate agents, but the cited study examined a residential estate with different characteristics (a housing estate with a park).…”

Zieleń miejska jako usługa ekosystemowa dla mieszkańców miast

“…Badacze wykazali również, że korzyści płynące z bliskości drzew ulicznych obejmują też nieruchomości sąsiadujące w promieniu do 30,5 m, a domy ulokowane w okolicy drzew były chętniej kupowane. Otoczenie zieleni jest pożądane, co obrazuje badanie z 2016 roku (Szczepańska i in., 2016). Osoby zapytane o preferowane udogodnienia wokół potencjalnej nieruchomości mieszkalnej w największym odsetku wskazywały bliskość terenów zielonych (25% ankietowanych) i lasy, a także jeziora i tereny niezagospodarowane (23%).…”

Office Building Location Related to Greenery Type Case Study of the Main Business Districts in Paris

“…The presence of rich natural landscapes such as seaside views, mountainside, lakes, forests, parks, influences room rates substantially, depending on location, hotel standards and other variable factors. Secondly, residential prices and rates of attractiveness are also influenced by the presence of urban greenery, although a high rate of subjectivity is involved in this process (Szczepańska, Krzywnicka and Lemański, 2016). Generally, people are inclined to pursue and pay more for proximity to nature when it comes to personal choices (hotel rooms for leisure time, homes).…”