Abstract
Fine particulate matter(PM2.5) pollution will affect people’s well-being and cause economic losses. It is of great value to study the impact of PM2.5 on the real estate market. While previous studies have examined the effects of PM2.5 pollution on urban housing prices, there has been little in-depth research on these effects, which are spatially heterogeneous at different conditional quantiles. To address this issue, this study employs quantile regression (QR) and geographically weighted quantile regression (GWQR) models to obtain a full account of asymmetric and spatial non-stationary effects of PM2.5 pollution on urban housing prices through 286 Chinese prefecture-level cities for 2005–2013. Considerable differences in the data distributions and spatial characteristics of PM2.5 pollution and urban housing prices are found, indicating the presence of asymmetric and spatial non-stationary effects. The quantile regression results show that the negative influences of PM2.5 pollution on urban housing prices are stronger at higher quantiles and become more pronounced with time. Furthermore, the spatial relationship between PM2.5 pollution and urban housing prices is spatial non-stationary at most quantiles for the study period. A negative correlation gradually dominates in most of the study areas. At higher quantiles, PM2.5 pollution is always negatively correlated with urban housing prices in eastern coastal areas and is stable over time. Based on these findings, we call for more targeted approaches to regional real estate development and environmental protection policies.
Highlights
Through China’s rapid urbanization over the past 40 years, more than 600 million people have migrated from rural areas to cities, creating considerable demand for urban housing, promoting urban economic and real estate market development [1]
The quantile regression results show that the negative influences of PM2.5 pollution on urban housing prices are stronger at higher quantiles and become more pronounced with time
Our results suggest that spatial relationships between housing prices and PM2.5 pollution global estimates
Summary
Through China’s rapid urbanization over the past 40 years, more than 600 million people have migrated from rural areas to cities, creating considerable demand for urban housing, promoting urban economic and real estate market development [1]. Population agglomeration and rapid social and economic development have led to increased demand for resources and energy [2]. To ensure the normal operation and rapid development of cities, large-scale industrial production, fossil fuel resource consumption, and energy extraction are required. Chemical plant production and the burning of fossil fuels create serious air pollution problems such as those related to PM2.5 pollution [3,4]. In China, few cities meet standards of air quality guideline established by the World Health Organization (WHO). Even the cleanest city of Sanya reports double the levels set by the WHO with annual average
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