Nothing Special   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/taf/eurpls/v26y2018i1p133-157.html
   My bibliography  Save this article

Hedonic pricing analysis of the influence of urban green spaces onto residential prices: the case of Leipzig, Germany

Author

Listed:
  • Veronika Liebelt
  • Stephan Bartke
  • Nina Schwarz
Abstract
In the light of global urbanization and biodiversity loss, ecosystem services provided by urban green spaces (UGS) are becoming increasingly important, not least as a recovery and recreation opportunity for citizens. The valuation of UGS is significant for urban planners, who make decisions on the creation or removal of UGS. We analysed the influence of UGS on residential property prices in Leipzig, Germany, by applying a hedonic pricing analysis. This analysis complements the existing literature by considering both sale and rental prices for flats and houses; moreover, the shape of UGS is taken into account explicitly; finally, it is the first study in Germany to analyse UGS in hedonic studies to such an extent. The results demonstrate that the size of the nearest UGS has a stronger impact on prices compared to the distance from it. With respect to shape, we found that the simpler the UGS shape, the higher the prices. Although we find an impact of UGS on prices, the impact is smaller than that of other characteristics. The proposed valuation approach and obtained results inform urban planners regarding the design of new UGS and raise awareness about potential intended and unintended economic and social effects.

Suggested Citation

  • Veronika Liebelt & Stephan Bartke & Nina Schwarz, 2018. "Hedonic pricing analysis of the influence of urban green spaces onto residential prices: the case of Leipzig, Germany," European Planning Studies, Taylor & Francis Journals, vol. 26(1), pages 133-157, January.
    • Handle: RePEc:taf:eurpls:v:26:y:2018:i:1:p:133-157
    DOI: 10.1080/09654313.2017.1376314
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/09654313.2017.1376314
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/09654313.2017.1376314?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Allan Din & Martin Hoesli & Andre Bender, 2001. "Environmental Variables and Real Estate Prices," Urban Studies, Urban Studies Journal Limited, vol. 38(11), pages 1989-2000, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Bello Musa Zango & Sanni Mohammed Lekan & Mohammed Jibrin Katun, 2020. "Conventional Methods in Housing Market Analysis: A Review of Literature," Baltic Journal of Real Estate Economics and Construction Management, Sciendo, vol. 8(1), pages 227-241, January.
    2. Veronika Liebelt & Stephan Bartke & Nina Schwarz, 2019. "Urban Green Spaces and Housing Prices: An Alternative Perspective," Sustainability, MDPI, vol. 11(13), pages 1-21, July.
    3. Jiang, Like & Hagen-Zanker, Alex & Kumar, Prashant & Pritchard, John, 2021. "Equity in job accessibility and environmental quality in a segmented housing market: The case of Greater London," Journal of Transport Geography, Elsevier, vol. 90(C).
    4. Julia Bronnmann & Veronika Liebelt & Fabian Marder & Jasper Meya & Martin Quaas, 2023. "The Value of Naturalness of Urban Green Spaces: Evidence from a Discrete Choice Experiment," Land Economics, University of Wisconsin Press, vol. 99(4), pages 528-542.
    5. Vallecillo, Sara & La Notte, Alessandra & Zulian, Grazia & Ferrini, Silvia & Maes, Joachim, 2019. "Ecosystem services accounts: Valuing the actual flow of nature-based recreation from ecosystems to people," Ecological Modelling, Elsevier, vol. 392(C), pages 196-211.
    6. Łaszkiewicz, Edyta & Heyman, Axel & Chen, Xianwen & Cimburova, Zofie & Nowell, Megan & Barton, David N, 2022. "Valuing access to urban greenspace using non-linear distance decay in hedonic property pricing," Ecosystem Services, Elsevier, vol. 53(C).
    7. Santos Eulália & Tavares Fernando, 2021. "The Profile of Portuguese People when Choosing an Apartment," Real Estate Management and Valuation, Sciendo, vol. 29(2), pages 38-51, June.
    8. Zambrano-Monserrate, Manuel A. & Ruano, María Alejandra & Yoong-Parraga, Cristina & Silva, Carlos A., 2021. "Urban green spaces and housing prices in developing countries: A Two-stage quantile spatial regression analysis," Forest Policy and Economics, Elsevier, vol. 125(C).
    9. Anna Széchy & Zsuzsanna Szerényi, 2023. "Valuing the Recreational Services Provided by Hungary’s Forest Ecosystems," Sustainability, MDPI, vol. 15(5), pages 1-16, February.
    10. Cohen, Jeffrey P. & Schaffner, Sandra, 2019. "A new highway in Germany and the impacts on real estate prices," Ruhr Economic Papers 821, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    11. Lena Ali & Annegret Haase & Stefan Heiland, 2020. "Gentrification through Green Regeneration? Analyzing the Interaction between Inner-City Green Space Development and Neighborhood Change in the Context of Regrowth: The Case of Lene-Voigt-Park in Leipz," Land, MDPI, vol. 9(1), pages 1-24, January.
    12. Ratzke, Leonie, 2023. "Revealing preferences for urban biodiversity as an environmental good," Ecological Economics, Elsevier, vol. 212(C).
    13. Navratil, Josef & Picha, Kamil & Martinat, Stanislav & Nathanail, Paul C. & Tureckova, Kamila & Holesinska, Andrea, 2018. "Resident’s preferences for urban brownfield revitalization: Insights from two Czech cities," Land Use Policy, Elsevier, vol. 76(C), pages 224-234.
    14. Fernandez, Mario Andres & Bucaram, Santiago, 2019. "The changing face of environmental amenities: Heterogeneity across housing submarkets and time," Land Use Policy, Elsevier, vol. 83(C), pages 449-460.
    15. Randhi Atiqi & Muhammad Dimyati & Ahmad Gamal & Rizki Pramayuda, 2022. "Appraisal of Building Price in Urban Area Using Light Detection and Ranging (LiDAR) Data in Depok City," Land, MDPI, vol. 11(8), pages 1-15, August.
    16. Mulatu, Dawit Woubishet & Ginbo, Tsegaye, 2018. "Residential Pricing in Addis Ababa: Do Urban Green Amenities Influence Residents’ Preferences for a House?," Ethiopian Journal of Economics, Ethiopian Economics Association, vol. 27(02), October.
    17. Hammerle, Mara & White, Lee V. & Sturmberg, Bjorn, 2023. "Solar for renters: Investigating investor perspectives of barriers and policies," Energy Policy, Elsevier, vol. 174(C).
    18. Hyunki Hong & Hoyong Jung & Duol Kim, 2024. "The Value of an Apartment with Sunlight and a View: A Quasi-Experimental Analysis," Korean Economic Review, Korean Economic Association, vol. 40, pages 177-194.
    19. Liebelt, Veronika & Bartke, Stephan & Schwarz, Nina, 2018. "Revealing Preferences for Urban Green Spaces: A Scale-sensitive Hedonic Pricing Analysis for the City of Leipzig," Ecological Economics, Elsevier, vol. 146(C), pages 536-548.
    20. Jagoda Adamus, 2023. "How Much Are Public Spaces Worth? Non-Market Valuation Methods in Valuing Public Spaces," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 66-89.
    21. Nina Schwarz & Annegret Haase & Dagmar Haase & Nadja Kabisch & Sigrun Kabisch & Veronika Liebelt & Dieter Rink & Michael W. Strohbach & Juliane Welz & Manuel Wolff, 2021. "How Are Urban Green Spaces and Residential Development Related? A Synopsis of Multi-Perspective Analyses for Leipzig, Germany," Land, MDPI, vol. 10(6), pages 1-16, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Juergen Deppner & Marcelo Cajias, 2024. "Accounting for Spatial Autocorrelation in Algorithm-Driven Hedonic Models: A Spatial Cross-Validation Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 68(2), pages 235-273, February.
    2. Ali Azadeh & Mohammad Sheikhalishahi & Ali Boostani, 2014. "A Flexible Neuro-Fuzzy Approach for Improvement of Seasonal Housing Price Estimation in Uncertain and Non-Linear Environments," South African Journal of Economics, Economic Society of South Africa, vol. 82(4), pages 567-582, December.
    3. Raul-Tomas Mora-Garcia & Maria-Francisca Cespedes-Lopez & V. Raul Perez-Sanchez & Pablo Marti & Juan-Carlos Perez-Sanchez, 2019. "Determinants of the Price of Housing in the Province of Alicante (Spain): Analysis Using Quantile Regression," Sustainability, MDPI, vol. 11(2), pages 1-33, January.
    4. Jos魍ar𨁍ontero-Lorenzo & Beatriz Larraz-Iribas, 2012. "Space-time approach to commercial property prices valuation," Applied Economics, Taylor & Francis Journals, vol. 44(28), pages 3705-3715, October.
    5. Liebelt, Veronika & Bartke, Stephan & Schwarz, Nina, 2018. "Revealing Preferences for Urban Green Spaces: A Scale-sensitive Hedonic Pricing Analysis for the City of Leipzig," Ecological Economics, Elsevier, vol. 146(C), pages 536-548.
    6. Hyunsoo Kim & Youngwoo Kwon & Yeol Choi, 2020. "Assessing the Impact of Public Rental Housing on the Housing Prices in Proximity: Based on the Regional and Local Level of Price Prediction Models Using Long Short-Term Memory (LSTM)," Sustainability, MDPI, vol. 12(18), pages 1-25, September.
    7. Glumac, Brano & Herrera-Gomez, Marcos & Licheron, Julien, 2019. "A hedonic urban land price index," Land Use Policy, Elsevier, vol. 81(C), pages 802-812.
    8. Marzia Morena & Genny Cia & Liala Baiardi & Juan Sebastián Rodríguez Rojas, 2021. "Residential Property Behavior Forecasting in the Metropolitan City of Milan: Socio-Economic Characteristics as Drivers of Residential Market Value Trends," Sustainability, MDPI, vol. 13(7), pages 1-25, March.
    9. Jose Torres-Pruñonosa & Pablo García-Estévez & Camilo Prado-Román, 2021. "Artificial Neural Network, Quantile and Semi-Log Regression Modelling of Mass Appraisal in Housing," Mathematics, MDPI, vol. 9(7), pages 1-16, April.
    10. Kamil Faisal & Ahmed Shaker, 2017. "An Investigation of GIS Overlay and PCA Techniques for Urban Environmental Quality Assessment: A Case Study in Toronto, Ontario, Canada," Sustainability, MDPI, vol. 9(3), pages 1-25, March.
    11. Yang, Linchuan & Chau, K.W. & Wang, Xu, 2019. "Are low-end housing purchasers more willing to pay for access to basic public services? Evidence from China," Research in Transportation Economics, Elsevier, vol. 76(C).
    12. Unknown, 2006. "Conservation of Australia's Historic Heritage Places," Inquiry Reports 31896, Productivity Commission.
    13. Kara, Abdullah & van Oosterom, Peter & Çağdaş, Volkan & Işıkdağ, Ümit & Lemmen, Christiaan, 2020. "3 Dimensional data research for property valuation in the context of the LADM Valuation Information Model," Land Use Policy, Elsevier, vol. 98(C).
    14. Michael Mayer & Steven C. Bourassa & Martin Hoesli & Donato Scognamiglio, 2022. "Machine Learning Applications to Land and Structure Valuation," JRFM, MDPI, vol. 15(5), pages 1-24, April.
    15. Damrongsak Rinchumphu & Chris Eves & Connie Susilawati, 2013. "Brand Value of Property in Bangkok Metropolitan Region (BMR), Thailand," International Real Estate Review, Global Social Science Institute, vol. 16(3), pages 296-322.
    16. Touseef Hussain & Jaffar Abbas & Zou Wei & Mohammad Nurunnabi, 2019. "The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal," Sustainability, MDPI, vol. 11(4), pages 1-20, February.
    17. Dieudonné Tchuente & Serge Nyawa, 2022. "Real estate price estimation in French cities using geocoding and machine learning," Annals of Operations Research, Springer, vol. 308(1), pages 571-608, January.
    18. Pierluigi Morano & Paolo Rosato & Francesco Tajani & Benedetto Manganelli & Felicia Di Liddo, 2019. "Contextualized Property Market Models vs. Generalized Mass Appraisals: An Innovative Approach," Sustainability, MDPI, vol. 11(18), pages 1-28, September.
    19. Brereton, Finbarr & Clinch, J. Peter & Ferreira, Susana, 2008. "Happiness, geography and the environment," Ecological Economics, Elsevier, vol. 65(2), pages 386-396, April.
    20. Kopczewska, Katarzyna & Ćwiakowski, Piotr, 2021. "Spatio-temporal stability of housing submarkets. Tracking spatial location of clusters of geographically weighted regression estimates of price determinants," Land Use Policy, Elsevier, vol. 103(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:eurpls:v:26:y:2018:i:1:p:133-157. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/CEPS20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.