Abstract
Environmental valuation techniques have been used in quantifying the influences of environmental amenities on house prices. The hedonic approach is used to evaluate contributions of environmental amenities to rents in this study. Though the theme of this study has attracted pedagogical attention, the comparison between man-made and natural environmental amenities in housing values is a nouvelle approach in identifying and explaining effective demand and value systems of urban and natural amenities through market evidence. It extends existing body of literature on hedonic studies in Nigeria by contextually assessing these two broad categories of environmental amenities on the same scale. Results reveal the variations in demand and significance of physical infrastructure and natural amenities in rents. This /study's significance lies in bringing to light, the realities of market demand for natural amenities in comparison with physical infrastructure
Highlights
There is a growing awareness of the importance of natural environmental amenities for public health, productivity, social and economic development, among others
It is important for policymakers, property valuers, and even real estate investors who engage in large-scale real estate investment decisions
The findings revealed that house prices increase with proximity to certain types of open land uses
Summary
There is a growing awareness of the importance of natural environmental amenities for public health, productivity, social and economic development, among others. Journal of African Real Estate Research Volume 3(2) 2018 attractions. Such features create price premiums in property values that are often omitted or underestimated (Chrysanthou, 2016). The estimation of the worth of environmental amenities is important in urban planning, where decisions on their creation or removal are made (Liebelt, Bartke & Schwarz, 2017). It is important for policymakers, property valuers, and even real estate investors who engage in large-scale real estate investment decisions. It is important for policymakers, property valuers, and even real estate investors who engage in large-scale real estate investment decisions. Mahmoudi (2012) explains that such estimates provide support to planners and add quantitative values to public policy debates
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