Economic valuation of urban parks with historical importance: The case of Quinta do Castelo, Portugal

Abstract

Urban parks have been increasingly important for people living in urban areas. There has been a growing need to be in contact with nature and to have a safe space to exercise and do recreational activities with family. These parks have proven to have positive health effects both physical and mentally. Furthermore, they contribute to better air quality and less pollution in cities. In addition to these recreational benefits, several parks have historic and cultural relevance. In this study, we examine the total economic value of an urban park with historic relevance, Quinta do Castelo, in Santa Maria da Feira, Portugal. We applied the contingent valuation method using a questionnaire to obtain three values: the willingness to pay (WTP) for park entrance, readiness to engage in guided and well-being activities, and the willingness to donate (WTD) an annual value with the aim of preserving the park. The average WTP (per visit) is 0.66€ to enter the park, 3.13€ for guided activities, and 2.53€ for well-being activities. These values reflect the use value of the park. The average WTD (per donor) is 6.73€/year, which translates into a relevant non-use value. Total Economic Values (TEVs) achieve considerable values that range from an estimated 1.2 million euros for guided visits, 1.3 million euros for the entrance value, 1.4 million euros for well-being activities, and 1.1 million euros for the annual donation to preserve the park. Hence, our study highlights the importance of maintaining Quinta do Castelo Park, and of considering not only use value, but also non-use value when estimating total economic value of urban parks with historical relevance.