Abstract
Aviation noise at airports has a significant impact on nearby residents’ quality of life and residential property values. This study evaluated the impact of aviation noise based on house prices by using three different hedonic price models. Two novel independent noise variables, the estimated aviation noise value and noise reward fund are proposed for constructing effective hedonic price models. The real data of real estate transactions from the region defined by the Taoyuan International Airport’s 60–64 dB day-night average sound level (Ldn) and ≥65 dB Ldn noise contours are adopted as empirical data. Empirical results showed that the double-log hedonic price model with the proposed estimated aviation noise variables is the most suitable model for this study. Based on the double-log model, this study found that aviation noise has a significant negative impact on house prices in both noise contour areas of 60–64 dB Ldn and ≥65 dB Ldn. The rate of decline in house prices is approximately USD 2356.02/dB and USD 3622.78/dB in the 60–64 dB Ldn and ≥65 dB Ldn contour areas, respectively. Our results also showed that the noise reward fund had no significant impact on the house prices which implies that the current subsidy method has been maintained at an appropriate level for Taoyuan International Airport.
Highlights
This study considers house prices adjusted by aviation noise as the target variable and house price-related variables, and the variables related to the aviation noise area as the characteristic variables
The aviation noise values used in this research were collected from Taoyuan International Airport’s Aviation Noise Monitoring Report from 2015 to 2019 and Taoyuan City
Aviation industry operations play an important role in economic development; development of airports is indistinguishable from economic development
Summary
Environmental noise has been shown to be detrimental to physical and psychological health and affects all aspects of daily life [1,2]. According to the Environmental Noise Guidelines for European Region published by the World Health Organization (WHO), environmental noise may directly induce acute cardiovascular and metabolic effects [3,4,5,6]. Even with a noise disturbance event of 40 dB–50 dB, people can change from a state of being fast asleep to semi-fast asleep; whereas 70 dB–100 dB can make people mentally distracted and even cause accidents. Noise pollution has become another major environmental factor that endangers human health [7]
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