Abstract
This study takes Changsha, an emerging mega-city in China, as a sample to analyze the influence of natural amenity (NA) on housing prices during different periods. We divided the NA into four categories according to their characteristics: Green Space (GS), Wetland Park (WP), XiangRiver Scenic Belt (XR), and green ratio within a community. The housing transaction data is used to calculate the accessibility of a settlement to nearest NA via the distance. The capitalization effect of NA is investigated through a geographic weighted regression (GWR), combined with the hedonic theory. Results show that ①the impact and scope of NA on housing prices gradually expanded during years. ②As the key nature landscape of Changsha, the impact coefficient of XR has risen from 2.34% in 2012 to 5.32% in 2020. WP has a remarkable increase for affecting housing prices, rising from 1.24 to 3.65%. Effect of GS keeps in line during years, at 2.34–3.72%. And green ratio’s impact increase from 3.61 to 4.55%. ③The higher capitalization effect of NA undergoes a spatial expansion from the central area to urban fringe over time, which also implies the capitalization of NA is becoming more pronounced. ④Residential communities impacted by NA have a propensity to separate over time. This study provides a different perspective in defining the importance of natural amenities in urban habitat of modern China.
Highlights
China has experienced a world-renowned urbanization process, with the rate growing from 16.22% in 1978 to 63.89% in 2020, and the Chinese urban landscape has changed tremendously (Yibo et al, 2020; Alix-Garcia et al, 2014)
To examine house purchasers’ willingness-to-pay (WTP) for access to urban natural amenity (NA), we model an extra set of variables that includes access to XiangRiver scenic belt (XR), wetland park (WP), and open green spaces (GS)
Despite ordinary least squares (OLS) results being influenced by spatial dependence, it provides preliminary evidence of the impacts on housing prices
Summary
China has experienced a world-renowned urbanization process, with the rate growing from 16.22% in 1978 to 63.89% in 2020, and the Chinese urban landscape has changed tremendously (Yibo et al, 2020; Alix-Garcia et al, 2014). Rapid urbanization and the associated increase in vehicle traffic have many negative implications, including increased air and water pollution, noise and congestion. Physiological ailments such as chronic bronchitis and pneumonia, as well as mental problems as depression and burnout syndrome, have emerged as a significant threat to public health. Urban settings have features that promote health and may assist in attenuating some of the negative health implications of urban life. Natural amenities (NA) is increasingly being viewed as an essential settings for health promotion to solve city residential problems (De Vries et al, 2003; Anderson and West, 2006; Rajapaksa et al, 2017). The new strategy of urban planning is to create, conserve, maintain, and develop NA across urban areas (Gómez-Baggethun and Barton, 2013; Tuofu et al, 2021)
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