Abstract
This article develops a hedonic difference-in-difference model for the potential impact of on-shore wind turbines on the property prices of two residential housing markets in Flanders, Belgium. The proposed empirical framework acknowledges the possibility of anticipation and time effects. The hedonic model is estimated using a property transaction data set ranging from 2004 to 2017 for the East and West Flanders areas, which are linked to available geographic wind turbine data. We find robust results in our time effects model for properties situated between 1000 and 3000 m of a wind turbine, suggesting a negative anticipation effect persisting after the actual construction in East and West Flanders. Due to the low observation count for properties situated closer than 1000 m, no robust generalization can be made for the anticipation and time effects.
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