Abstract
In the paper, we analysed the impact of proximity to urban green areas on apartment prices in Warsaw. The data-set contained in 43 075 geo-coded apartment transactions for the years 2010 to 2015. In this research, the hedonic method was used in Ordinary Least Squares (OLS), Weighted Least Squares (WLS) and Median Quantile Regression (Median QR) models. We found substantial evidence that proximity to an urban green area is positively linked with apartment prices. On an average presence of a green area within 100 meters from an apartment increases the price of a dwelling by 2,8% to 3,1%. The effect of park/forest proximity on house prices is more significant for newer apartments than those built before 1989. We found that proximity to a park or a forest is particularly important (and has a higher implicit price as a result) in the case of buildings constructed after 1989. The impact of an urban green was particularly high in the case of a post-transformation housing estate. Close vicinity (less than 100 m distance) to an urban green increased the sales prices of apartments in new residential buildings by 8,0–8,6%, depending on a model.
Highlights
The market value of a property depends mainly on its physical characteristics, out of which the most important is location
New variables were introduced to track the influence of a construction period on proximity to the urban green area
We found strong evidence that proximity to a park is positively linked with apartment prices what is in line with previous studies
Summary
The market value of a property depends mainly on its physical characteristics, out of which the most important is location. The location choices depend mostly on individual preferences but generally can be related to the distance from work, schools, and hospitals, an accessibility of public transport, positive or negative neighbourhood effects both about built and natural environment. 2015; Gluszak & Marona, 2017). Green spaces provide a pleasant and natural environment and improve the quality of life in urban areas and undertake essential environmental functions A considerable range of benefits provided by urban green areas has been studied and reported in the literature. The list includes, but is not limited to (Konijnendijk, Annerstedt, Maruthaveeran, & Nielsen, 2013): human health and wellbeing, social cohesion, tourism, biodiversity, air qual-
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: International Journal of Strategic Property Management
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
