Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China

Shenglin Ben, He Zhu, Jiajun Lu () and Renfeng Wang
Additional contact information
Shenglin Ben: International Business School, Zhejiang University, Haining 314400, China
He Zhu: School of Management, Zhejiang University, Hangzhou 310058, China
Jiajun Lu: International Business School, Zhejiang University, Haining 314400, China
Renfeng Wang: School of Management, Zhejiang University, Hangzhou 310058, China

Land, 2023, vol. 12, issue 9, 1-24

Abstract: As a crucial determinant of urban livability, the importance of access to high-quality green spaces has long been recognized for achieving sustainable urbanization. In urban areas, higher values are usually placed in residential properties with higher accessibility to green spaces. Using housing transaction data from as many as 3388 residential communities in Shanghai coupled with high-resolution satellite data of urban green spaces, we comprehensively examine the relationship between residential property values and the accessibility of both community-owned and public green spaces. We find, in instrumental-variable estimations, that: (1) home prices, on average, increase by 0.17% if the overall green space accessibility rises by 1%; and that (2) a 1% increase in the green ratio within a community raises property values by 0.46%. Moreover, the number of accessible green spaces, area of accessible green spaces, and distance to the nearest green spaces have positive impacts on home values separately. We also find strong spatial dependence in urban green spaces and unobserved price determinants, as well as heterogeneity by location, property value, and housing type. Our empirical findings provide valuable guidance for real estate developers and local governments in valuing environmental amenities and urban planning in the context of a residential housing market.

Keywords: urban green spaces (UGS); housing market; spatial hedonic pricing; instrumental variable approach; Shanghai (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 (1)

Downloads: (external link)
https://www.mdpi.com/2073-445X/12/9/1660/pdf (application/pdf)
https://www.mdpi.com/2073-445X/12/9/1660/ (text/html)

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:gam:jlands:v:12:y:2023:i:9:p:1660-:d:1224554

Access Statistics for this article

Land is currently edited by Ms. Carol Ma

More articles in Land from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().