The value of scattered greenery in urban areas: A hedonic analysis in Japan

Yuta Kuroda and Takeru Sugasawa

No 128, DSSR Discussion Papers from Graduate School of Economics and Management, Tohoku University

Abstract: This study investigates the impact of scattered greenery (street trees and yard bushes), rather than cohesive greenery (parks and forests), on housing prices. We identify urban greenspace from high-resolution satellite images and combine these data with data on both sales and rentals of condominiums to estimate hedonic pricing models. We find that scattered urban greenery within 100 meters significantly increases housing prices, while more distant scattered greenery does not. Scattered greenery is highly valued near highways but is less valued near the central business district (CBD). Additionally, the prices of inexpensive and small for-sale and of for-rent properties are less affected by scattered greenery. These results indicate that there is significant heterogeneity in urban greenery preferences by property characteristics and location. This heterogeneity in preferences for greenery could lead to environmental gentrification since the number of more expensive properties increases in areas with more green amenities.

Pages: 64 pages
Date: 2022-07
New Economics Papers: this item is included in nep-big, nep-env, nep-res and nep-ure
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http://hdl.handle.net/10097/00135352

Related works:
Journal Article: The Value of Scattered Greenery in Urban Areas: A Hedonic Analysis in Japan (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:toh:dssraa:128

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