Impact of infill development on prices of existing apartments in Finnish urban neighbourhoods
Abstract
Popularity of infill development is increasing because of the environmental benefits and cost saving potential it provides, which relate to the possibility to use existing infrastructure and services. However, the impact of infill development on value of existing properties has not been studied to a sufficient extent. Therefore, the aim of our study is to analyse whether infill development affects the prices of existing apartments. We carried out statistical analysis based on data from seven case neighbourhoods, and prices of more than 6000 housing transactions from one decade. The results of our analysis do not support the hypothesis of infill development affecting positively existing housing prices, but neither did the study show a significant negative effect. Both amenity effect and negative externalities may provide explanations as to why property values do not change due to infill development.
Keyword : infill development, housing prices, urban neighbourhood, property value, price development
How to Cite
Ahvenniemi, H., Pennanen, K., Knuuti, A., Arvola, A., & Viitanen, K. (2018). Impact of infill development on prices of existing apartments in Finnish urban neighbourhoods. International Journal of Strategic Property Management, 22(3), 157-167. https://doi.org/10.3846/ijspm.2018.1540
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Forrest, D., Glen, J., & Ward, R. (1996). The impact of light rail system on the structure of house prices. Journal of Transport Economics and Policy, 30(1), 15-29.
Gibbons, S., & Machin, S. (2005). Valuing rail access using transport innovations. Journal of Urban Economics, 57(1), 148-169. https://doi.org/10.1016/j.jue.2004.10.002
Glaeser, E. L., & Kahn, M. E. (2010). The greenness of cities: carbon dioxide emissions and urban development. Journal of Urban Economics, 67, 404-418. https://doi.org/10.1016/j.jue.2009.11.006
Haaland, C., & Bosch, C. K. (2015). Challenges and strategies for urban green-space planning in cities undergoing densification: a review. Urban Forestry & Urban Greening, 14(4), 760-771. https://doi.org/10.1016/j.ufug.2015.07.009
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Jun, M.-J. (2012). Redistributive effects of bus rapid transit (BRT) on development patterns and property values in Seoul, Korea. Transport Policy, 19(1), 85-92. https://doi.org/10.1016/j.tranpol.2011.09.003
Kay, A. I., Noland, R. B., & DiPetrillo, S. (2014). Residential property valuations near transit stations with transit-oriented development. Journal of Transport Geography, 39, 131-140. https://doi.org/10.1016/j.jtrangeo.2014.06.017
Kholdy, S. K., Muhtaseb, M. R., & Yu, W. (2014). Effect of an open-air, mixed-use shopping center on the prices of near-by residential properties. Journal of Real Estate Practice and Education, 17(1), 1-18.
Ki, C. O., & Jayantha, W. M. (2010). The effects of urban redevelopment on neighbourhood housing prices. International Journal of Urban Sciences, 14(3), 276-294. https://doi.org/10.1080/12265934.2010.9693685
Kong, F., Yin, H., & Nakagoshi, N. (2007). Using GIS and landscape metrics in the hedonic price modeling of the amenity value of urban green space: a case study in Jinan City, China. Landscape and Urban Planning, 79(3-4), 240-252. https://doi.org/10.1016/j.landurbplan.2006.02.013
Kovacs, K. F. (2012). Integrating property value and local recreation models to value ecosystem services from regional parks. Landscape and Urban Planning, 108(2-4), 79-90. https://doi.org/10.1016/j.landurbplan.2012.08.002
Krause, A. L., & Bitter, C. (2012). Spatial econometrics, land values and sustainability: trends in real estate valuation research. Cities, 29(2), 519-525. https://doi.org/10.1016/j.cities.2012.06.006
Kytö, H., Kral-Leszczynska, M., Tuorila, H., & Kiuru, J. (2014). Asuinalueiden elinkaarikestävyys pääkaupunkiseudulla [Lifespan sustainability of residential areas in the Helsinki Metropolitan Region]. Consumer Society Research Centre, Helsinki (in Finnish).
Laakso, S. (2012). Kaupunkien erikoistuminen ja kaupunkien verkostot [Specialisation of cities and cities’ networks]. In H. Loikkanen, S. Laakso, & I. Susiluoto (Eds.), Metropolialueen talous. Näkökulmia kaupunkitalouden ajankohtaisiin aiheisiin.
City of Helsinki Urban Facts. Retrieved from http://www.hel-sinki.fi/kaupunkitutkimus/dokumentit/metropolialueen_talous.pdf (in Finnish).
Litman, T. A. (2014). Economic value of walkability. Victoria Transport Policy Institute. Retrieved from http://www.vtpi.org/walkability.pdf
Lönnqvist, H. (2015). On the effects of urban natural amenities, architectural quality and accessibility to workplaces on housing prices: an empirical study on the Helsinki Metropolitan Area (Doctoral thesis). Aalto University, School of Engineering. City of Helsinki Urban Facts. Research Series 2015:5. Retrieved from https://aaltodoc.aalto.fi/bitstream/handle/123456789/19775/isbn9789523310186.pdf?sequence=1&isAllowed=y
Mathur, S., & Ferrell, C. (2013). Measuring the impact of sub-urban transit-oriented developments on single-family home values. Transport Research Part A: Policy and Practice, 47, 42-55.
Matthews, P., Bramley, G., & Hastings, A. (2015). Homo economicus in a big society: understanding middle-class activism and NIMBYism towards new housing developments. Housing, Theory and Society, 32(1), 54-72. https://doi.org/10.1080/14036096.2014.947173
McConnell, V., & Wiley, K. (2010). Infill development: perspectives and evidence from economics and planning. Resources for the Future. Washington, D.C. Retrieved from http://www.rff.org/rff/documents/RFF-DP-10-13.pdf
McMillen, D. P., & McDonald, J. (2004). Reaction of house prices to a new rapid transit line: Chicago’s midway line, 1983–1999. Real Estate Economics, 32(3), 463-486. https://doi.org/10.1111/j.1080-8620.2004.00099.x
Mills, E. S. (1967). An aggregative model of resource allocation in a metropolitan area. American Economic Review, 57(2), 197-210.
Ministry of the Environment. (2016). Asuntoalueiden kunnallistekniikan rakentamiseen myönnettävä määräaikainen valtionavustus [Temporary government subsidies for constructing infrastructure for residential areas]. Memorandum. 6.4.2016.
Muth, R. F. (1969). Cities and housing: the spatial pattern of urban residential land use. Chicago, IL: University of Chicago Press.
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