Spatial valuation of urban green lungs: Unveiling the true worth of urban parks through MGWR in Chengdu, China

Xiang Cao, Yuying Luo, Xiaolan Chen, Qiuyue Xie and Zhenyu Yao

Land Use Policy, 2024, vol. 145, issue C

Abstract: Urban green spaces (UGS), often metaphorically referred to as the “green lungs of cities,” play a crucial role in sustainable urban development and are a key element of land-use policy. This study evaluates the economic value conferred by UGS through urban parks, employing a Multi-scale Geographically Weighted Regression (MGWR) model within a hedonic pricing framework. By focusing on the localized impact of UGS on housing markets in developing megacities, this research utilizes Chengdu, China, as a case study to reveal spatial patterns in property valuations. The findings demonstrate a significant localized impact of UGS on housing prices, characterized by pronounced spatial heterogeneity. A substantial premium on housing values is correlated with proximity to urban parks, reflecting a high market valuation of these green spaces. This premium varies spatially, diminishing in more peripheral urban zones but still significantly influencing overall housing market dynamics. The study highlights the importance of reassessing rapid, policy-driven park expansions. There is a need for value-based UGS integration in sustainable urban planning, emphasizing strategic, ecologically informed decision-making that balances land development with conservation and meaningful resident engagement.

Keywords: Urban green spaces; Urban parks; Hedonic pricing; Spatial effects; MGWR (search for similar items in EconPapers)
JEL-codes: Q51 Q56 R14 R52 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0264837724002473
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:lauspo:v:145:y:2024:i:c:s0264837724002473

DOI: 10.1016/j.landusepol.2024.107294

Access Statistics for this article

Land Use Policy is currently edited by Jaap Zevenbergen

More articles in Land Use Policy from Elsevier
Bibliographic data for series maintained by Joice Jiang ().