Housing Prices and the Characteristics of Nearby Green Space: Does Landscape Pattern Index Matter? Evidence from Metropolitan Area

Yiyi Chen, Colin A. Jones (), Neil A. Dunse, Enquan Li and Ye Liu ()
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Yiyi Chen: School of Geography and Planning, Sun Yat-Sen University, Guangzhou 510006, China
Colin A. Jones: The Urban Institute, Heriot-Watt University, Edinburgh EH14 4AS, UK
Neil A. Dunse: The Urban Institute, Heriot-Watt University, Edinburgh EH14 4AS, UK
Enquan Li: School of Mathematics, University of Birmingham, Birmingham B15 2TT, UK
Ye Liu: School of Geography and Planning, Sun Yat-Sen University, Guangzhou 510006, China

Land, 2023, vol. 12, issue 2, 1-17

Abstract: This study aimed to examine the association between housing prices and green space characteristics with a special focus on exploring the effects of the shape pattern index. The research was based on a hedonic price model across two main distance buffers from residential properties to urban green spaces. Green spaces were characterized by size and shape measured by a landscape shape index (LSI). This study was based on 16,222 housing transaction data obtained from the website of real estate agencies during December 2019 in the Metropolitan Area of Beijing. Linear regression and semi-log regression analysis were used to examine the associations between independent housing and neighborhood characteristic variables and housing prices. The results suggested that a one-unit increase in the natural logarithm of the landscape shape index (LSI) can increase housing prices by 4% (5543 CNY ≈ 826 USD). Such marginal effects were more pronounced for residences located close to urban green spaces and tended to decay as the distance from residences to green spaces increased. Additional analysis captured the marginal effects of the natural logarithm of the landscape shape index (LSI > 1.3) on achieving the maximum monetary evaluation of the property. The findings of this study suggest that the effects of specific green space characteristics on housing prices should be taken into account in landscape and urban design.

Keywords: green space; shape pattern index; landscape shape index (LSI); hedonic price model; housing price; distance decay effect (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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