Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China
As a crucial determinant of urban livability, the importance of access to high-quality green spaces has long been recognized for achieving sustainable urbanization. In urban areas, higher values are usually placed in residential properties with higher accessibility to green spaces. Using housing tra...
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2023-08-01
|
| Series: | Land |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2073-445X/12/9/1660 |
| _version_ | 1827725601099743232 |
|---|---|
| author | Shenglin Ben He Zhu Jiajun Lu Renfeng Wang |
| author_facet | Shenglin Ben He Zhu Jiajun Lu Renfeng Wang |
| author_sort | Shenglin Ben |
| collection | DOAJ |
| description | As a crucial determinant of urban livability, the importance of access to high-quality green spaces has long been recognized for achieving sustainable urbanization. In urban areas, higher values are usually placed in residential properties with higher accessibility to green spaces. Using housing transaction data from as many as 3388 residential communities in Shanghai coupled with high-resolution satellite data of urban green spaces, we comprehensively examine the relationship between residential property values and the accessibility of both community-owned and public green spaces. We find, in instrumental-variable estimations, that: (1) home prices, on average, increase by 0.17% if the overall green space accessibility rises by 1%; and that (2) a 1% increase in the green ratio within a community raises property values by 0.46%. Moreover, the number of accessible green spaces, area of accessible green spaces, and distance to the nearest green spaces have positive impacts on home values separately. We also find strong spatial dependence in urban green spaces and unobserved price determinants, as well as heterogeneity by location, property value, and housing type. Our empirical findings provide valuable guidance for real estate developers and local governments in valuing environmental amenities and urban planning in the context of a residential housing market. |
| first_indexed | 2024-03-10T22:33:40Z |
| format | Article |
| id | doaj.art-0e82ec4c1d93464db91173c3856415bd |
| institution | Directory Open Access Journal |
| issn | 2073-445X |
| language | English |
| last_indexed | 2024-03-10T22:33:40Z |
| publishDate | 2023-08-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Land |
| spelling | doaj.art-0e82ec4c1d93464db91173c3856415bd2023-11-19T11:33:09ZengMDPI AGLand2073-445X2023-08-01129166010.3390/land12091660Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, ChinaShenglin Ben0He Zhu1Jiajun Lu2Renfeng Wang3International Business School, Zhejiang University, Haining 314400, ChinaSchool of Management, Zhejiang University, Hangzhou 310058, ChinaInternational Business School, Zhejiang University, Haining 314400, ChinaSchool of Management, Zhejiang University, Hangzhou 310058, ChinaAs a crucial determinant of urban livability, the importance of access to high-quality green spaces has long been recognized for achieving sustainable urbanization. In urban areas, higher values are usually placed in residential properties with higher accessibility to green spaces. Using housing transaction data from as many as 3388 residential communities in Shanghai coupled with high-resolution satellite data of urban green spaces, we comprehensively examine the relationship between residential property values and the accessibility of both community-owned and public green spaces. We find, in instrumental-variable estimations, that: (1) home prices, on average, increase by 0.17% if the overall green space accessibility rises by 1%; and that (2) a 1% increase in the green ratio within a community raises property values by 0.46%. Moreover, the number of accessible green spaces, area of accessible green spaces, and distance to the nearest green spaces have positive impacts on home values separately. We also find strong spatial dependence in urban green spaces and unobserved price determinants, as well as heterogeneity by location, property value, and housing type. Our empirical findings provide valuable guidance for real estate developers and local governments in valuing environmental amenities and urban planning in the context of a residential housing market.https://www.mdpi.com/2073-445X/12/9/1660urban green spaces (UGS)housing marketspatial hedonic pricinginstrumental variable approachShanghai |
| spellingShingle | Shenglin Ben He Zhu Jiajun Lu Renfeng Wang Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China Land urban green spaces (UGS) housing market spatial hedonic pricing instrumental variable approach Shanghai |
| title | Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China |
| title_full | Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China |
| title_fullStr | Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China |
| title_full_unstemmed | Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China |
| title_short | Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China |
| title_sort | valuing the accessibility of green spaces in the housing market a spatial hedonic analysis in shanghai china |
| topic | urban green spaces (UGS) housing market spatial hedonic pricing instrumental variable approach Shanghai |
| url | https://www.mdpi.com/2073-445X/12/9/1660 |
| work_keys_str_mv | AT shenglinben valuingtheaccessibilityofgreenspacesinthehousingmarketaspatialhedonicanalysisinshanghaichina AT hezhu valuingtheaccessibilityofgreenspacesinthehousingmarketaspatialhedonicanalysisinshanghaichina AT jiajunlu valuingtheaccessibilityofgreenspacesinthehousingmarketaspatialhedonicanalysisinshanghaichina AT renfengwang valuingtheaccessibilityofgreenspacesinthehousingmarketaspatialhedonicanalysisinshanghaichina |