The effect of urban green spaces on house prices in Warsaw
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.
Keyword : hedonic methods, parks, urban green, property prices
How to Cite
Trojanek, R., Gluszak, M., & Tanas, J. (2018). The effect of urban green spaces on house prices in Warsaw. International Journal of Strategic Property Management, 22(5), 358-371. https://doi.org/10.3846/ijspm.2018.5220
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Knetsch, J. L. (1964). The Influence of Reservoir Projects on Land Values. American Journal of Agricultural Economics, 46(1), 231–243. https://doi.org/10.2307/1236486
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Czembrowski, P., & Kronenberg, J. (2016). Hedonic pricing and different urban green space types and sizes: insights into the discussion on valuing ecosystem services. Landscape and Urban Planning, 146, 11-19. https://doi.org/10.1016/j.landurbplan.2015.10.005
Des Rosiers, F., Thériault, M., Kestens, Y., & Villeneuve, P. (2002). Landscaping and house values: an empirical investigation. Journal of Real Estate Research, 23(1/2), 139.
Degórska, B. (2012). Spatial growth of urbanised land within the Warsaw Metropolitan Area in the first decade of the 21st century. Geographia Polonica, 85(3), 77-95. https://doi.org/10.7163/GPol.2012.3.19
Do, A. Q., & Grudnitski, G. (1995). Golf-courses and residential house prices – an empirical-examination. Journal of Real Estate Finance and Economics, 10(3), 261-270. https://doi.org/10.1007/BF01096941
Dombrow, J., Rodriguez, M., & Sirmans, C. F. (2000). The market value of mature trees in single-family housing markets. Appraisal Journal, 68(1), 39-43.
Doss, C. R., & Taff, S. J. (1996). The influence of wetland type and wetland proximity on residential property values. Journal of Agricultural and Resource Economics, 21(1), 120-129.
Dubin, R. A. (1988). Estimation of regression coefficients in the presence of spatially autocorrelated error terms. The Review of Economics and Statistics, 70(3), 466. https://doi.org/10.2307/1926785
Earnhart, D. (2001). Combining revealed and stated preference methods to value environmental amenities at residential locations. Land Economics, 77(1), 12-29. https://doi.org/10.2307/3146977
Espey, M., & Owusu-Edusei, K. (2001). Neighborhood parks and residential property values in Greenville, South Carolina. Journal of Agricultural and Applied Economics, 33(3), 487-492.
Gluszak, M., & Marona, B. (2017). Discrete choice model of residential location in Krakow. Journal of European Real Estate Research, 10(1), 4-16. https://doi.org/10.1108/JERER-01-2016-0006
Grey, G. W., & Deneke, F. J. (1978). Urban forestry. Wiley.Hendon, W. S. (1971). The park as a determinant of property values. American Journal of Economics and Sociology, 30(3), 289-300. https://doi.org/10.1111/j.1536-7150.1971.tb03232.x
Herath, S., Choumert, J., & Maier, G. (2015). The value of the greenbelt in Vienna: a spatial hedonic analysis. Annals of Regional Science, 54(2), 349-374. https://doi.org/10.1007/s00168-015-0657-1
Hoshino, T., & Kuriyama, K. (2010). Measuring the benefits of neighbourhood park amenities: application and comparison of spatial hedonic approaches. Environmental and Resource Economics, 45(3), 429-444. https://doi.org/10.1007/s10640-009-9321-5
Jim, C. Y., & Chen, W. Y. (2010). External effects of neighbourhood parks and landscape elements on high-rise residential value. Land Use Policy, 27(2), 662-670. https://doi.org/10.1016/j.landusepol.2009.08.027
Kim, J.-H., Li, W., Newman, G., Kil, S.-H., & Park, S. Y. (2016). The influence of urban landscape spatial patterns on single-family housing prices. Environment and planning B: Urban Analytics and City Science, 45(1), 26–43. https://doi.org/10.1177/0265813516663932
Knetsch, J. L. (1964). The Influence of Reservoir Projects on Land Values. American Journal of Agricultural Economics, 46(1), 231–243. https://doi.org/10.2307/1236486
Koenker, R., & Bassett, G. (1978). Regression quantiles. Econometrica, 46(1), 33-50. https://doi.org/10.2307/1913643
Koenker, R., & Hallock, K. F. (2001). Quantile regression. Journal of Economic Perspectives, 15(4), 143-156. https://doi.org/10.1257/jep.15.4.143
Kolbe, J., & Wüstemann, H. (2014). Estimating the value of urban green space: a hedonic pricing analysis of the housing market in Cologne, Germany. Acta Universitatis Lodziensis Folia Oeconomica, 5(307), 45-61.
Konijnendijk, C., Annerstedt, M., Maruthaveeran, S., & Nielsen, A. B. (2013). Benefits of urban parks a systematic review – A Report for IFPRA. IPFRA.Kusiak, J. (2012). The cunning of chaos and its orders: a taxonomy of urban chaos in Post-Socialist Warsaw and beyond. Chasing Warsaw: Socio-Material Dynamics of Urban Change since 1990. Campus Verlag GmbH.
Lancaster, K. J. (1966). A new approach to consumer theory. Journal of Political Economy, 74(2), 132-157. https://doi.org/10.1086/259131
Laurie, I. C. (1979). Nature in cities: the natural environment in the design and development of urban green space. Wiley.Lee, C.-M., & Linneman, P. (1998). Dynamics of the greenbelt amenity effect on the land market-the case of Seoul’s Greenbelt. Real Estate Economics, 26(1), 107-129. https://doi.org/10.1111/1540-6229.00740
Liao, W. C., Wang, X. (2012). Hedonic house prices and spatial quantile regression. Journal of Housing Economics, 21(1), 16-27. https://doi.org/10.1016/j.jhe.2011.11.001
Liebelt, V., Bartke, S., & Schwarz, N. (2018). Hedonic pricing analysis of the influence of urban green spaces onto residential prices: the case of Leipzig, Germany. European Planning Studies, 26(1), 133-157. https://doi.org/10.1080/09654313.2017.1376314
Luttik, J. (2000). The value of trees, water and open space as reflected by house prices in the Netherlands. Landscape and Urban Planning, 48(3-4), 161-167. https://doi.org/10.1016/S0169-2046(00)00039-6
Lutzenhiser, M., & Netusil, N. R. (2001). The effect of open spaces on a home’s sale price. Contemporary Economic Policy, 19(3), 291-298. https://doi.org/10.1093/cep/19.3.291
Mahan, B. L., Polasky, S., & Adams, R. M. (2000). Valuing urban wetlands: a property price approach. Land Economics, 76(1), 100-113. https://doi.org/10.2307/3147260
Malpezzi, S. (2008). Hedonic pricing models: a selective and applied review. In T. O'Sullivan & K. Gibb (Eds.), Housing economics and public policy (pp.67-89). Wiley Online Library. https://doi.org/10.1002/9780470690680.ch5
Mantey, D. (2017). The ‘publicness’ of suburban gathering places: The example of Podkowa Leśna (Warsaw urban region, Poland). Cities, 60, 1–12. https://doi.org/10.1016/j.cities.2016.07.002
Masztalski, R. P., & Michalski, M. (2011). Contemporary Housing Indicators in Poland on the Wroclaw Study Case. International Journal of Civil, Environmental, Structural, Construction and Architectural Engineering, 5(5), 247-254.
McConnell, V., & Walls, M. A. (2005). The value of open space: evidence from studies of Nonmarket Benefits. Resources for the future.
McCord, J., McCord, M., McCluskey, W., Davis, P. T., McIlhatton, D., & Haran, M. (2014). Effect of public green space on residential property values in Belfast metropolitan area. Journal of Financial Management of Property and Construction, 19(2), 117-137. https://doi.org/10.1108/JFMPC-04-2013-0008
Millward, A. A., & Sabir, S. (2011). Benefits of a forested urban park: what is the value of Allan Gardens to the city of Toronto, Canada?. Landscape and Urban Planning, 100(3), 177-188. https://doi.org/10.1016/j.landurbplan.2010.11.013
Morancho, A. B. (2003). A hedonic valuation of urban green areas. Landscape and Urban Planning, 66(1), 35-41. https://doi.org/10.1016/S0169-2046(03)00093-8
Nedović-Budić, Z., Tsenkova, S., & Marcuse, P. (2006). The urban mosaic of post-socialist Europe. In S. Tsenkova & Z. Nedović-Budić (Eds.), The Urban Mosaic of Post-Socialist Europe: Space, Institutions and Policy (pp. 3-20). Heidelberg: Physica-Verlag HD. https://doi.org/10.1007/3-7908-1727-9_1
Panduro, T. E., & Veie, K. L. (2013). Classification and valuation of urban green spaces – a hedonic house price valuation. Landscape and Urban Planning, 120, 119-128. https://doi.org/10.1016/j.landurbplan.2013.08.009
Robinette, G. O. (1972). Plants, people, and environmental quality. Department of the Interior. National Fark Service.
Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy, 82(1), 34-55. https://doi.org/10.1086/260169
Sadeghian, M. M., & Vardanyan, Z. (2013). The benefits of urban parks, a review of urban research. Journal of Novel Applied Sciences, 8, 231-237.
Sarkar, C., Webster, C., Pryor, M., Tang, D., Melbourne, S., Zhang, X. and Jianzheng, L. (2015). Exploring associations between urban green, street design and walking: results from the Greater London boroughs. Landscape and Urban Planning, 143, 112-125. https://doi.org/10.1016/j.landurbplan.2015.06.013
Stanilov, K., & Sýkora, L. (2014). Confronting suburbanization: urban decentralization in postsocialist Central and Eastern Europe. Wiley-Blackwell.
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