TY - JOUR

T1 - Classification and valuation of urban green spaces

T2 - a hedonic house price valuation

AU - Panduro, Toke Emil

AU - Veie, Kathrine Lausted

N1 - Available online 9 September 2013

PY - 2013

Y1 - 2013

N2 - In this paper we propose a categorization of green space into eight different types and quantify their impact on housing prices in the city of Aalborg using the hedonic house price method. The categorization was made manually according to an idealized description of the eight types of green space and a rating system in which each green space was rated according to accessibility, maintenance levels and neighboring negative land-use. The hedonic house price schedule for each of the green spaces was estimated using a generalized additive model, which allows for a data driven adjustment of underlying omitted spatial processes. To our knowledge the use of a spatial generalized additive model is novel to the hedonic valuation literature. We find that types of green space, which are rated highly in terms of accessibility and maintenance level, have high implicit prices whereas types with low ratings are not identified or provide ambiguous results. Green space buffering unattractive land-use such as infrastructure and industry is found to provide negative implicit prices despite controlling for the negative neighboring land-use. Our results clearly indicate that green space is not a uniform environmental amenity but rather a set of distinct goods with very different impacts on the housing price.

AB - In this paper we propose a categorization of green space into eight different types and quantify their impact on housing prices in the city of Aalborg using the hedonic house price method. The categorization was made manually according to an idealized description of the eight types of green space and a rating system in which each green space was rated according to accessibility, maintenance levels and neighboring negative land-use. The hedonic house price schedule for each of the green spaces was estimated using a generalized additive model, which allows for a data driven adjustment of underlying omitted spatial processes. To our knowledge the use of a spatial generalized additive model is novel to the hedonic valuation literature. We find that types of green space, which are rated highly in terms of accessibility and maintenance level, have high implicit prices whereas types with low ratings are not identified or provide ambiguous results. Green space buffering unattractive land-use such as infrastructure and industry is found to provide negative implicit prices despite controlling for the negative neighboring land-use. Our results clearly indicate that green space is not a uniform environmental amenity but rather a set of distinct goods with very different impacts on the housing price.

KW - Faculty of Science

KW - Hedonic valuation

KW - Green space appreciation index

KW - Classification

KW - Environmental amenity and disamenity

U2 - 10.1016/j.landurbplan.2013.08.009

DO - 10.1016/j.landurbplan.2013.08.009

M3 - Journal article

VL - 120

SP - 119

EP - 128

JO - Landscape and Urban Planning

JF - Landscape and Urban Planning

SN - 0169-2046

ER -