Impact of Large-scale Residential Construction Projects on Land Values

Jan Hendrik Lukowski

ERES from European Real Estate Society (ERES)

Abstract: This paper investigates how the announcement of three different large-scale residential construction projects impacts land values of multi-story residential buildings in Hamburg, Germany. Applying a difference-in-difference approach the study finds that land values within a radius of 1,500 m may experience either positive or negative effects. The impact depends critically on how the projects are expected to change the existing amenities and disamenities. We uncover price changes in land values spanning from -4% to +22%. The study shows that projects with an overlapping area of impact should be considered in one regression and that projects that are located far from one another can be analyzed in one or in separate regressions.

Keywords: Exogenous shocks; Hamburg, Germany; Land Values; Large-scale construction projects (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2019-01-01
New Economics Papers: this item is included in nep-ppm and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2019_95

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