Leverage Effect of New-Built Green Spaces on Housing Prices in a Rapidly Urbanizing Chinese City: Regional Disparities, Impact Periodicity, and Park Size

Siqi Yu, Shuxian Hu, Yujie Ren (), Hao Xu and Weixuan Song
Additional contact information
Siqi Yu: College of Landscape Architecture, Nanjing Forestry University, Nanjing 210037, China
Shuxian Hu: College of Landscape Architecture, Nanjing Forestry University, Nanjing 210037, China
Yujie Ren: College of Landscape Architecture, Nanjing Forestry University, Nanjing 210037, China
Hao Xu: College of Landscape Architecture, Nanjing Forestry University, Nanjing 210037, China
Weixuan Song: College of Geography and Remote Sensing, Hohai University, Nanjing 210037, China

Land, 2024, vol. 13, issue 10, 1-17

Abstract: While newly built urban green spaces aim to address environmental concerns, the resulting green gentrification and social inequality caused by escalating property values have become critical topics of urban socio-spatial research. To prevent green initiatives from becoming unaffordable for their intended beneficiaries in rapidly urbanizing cities, it is essential to examine the spatial and temporal relationships between the construction of new green spaces and rising housing prices. This study employs a difference-in-differences methodology to analyze regional disparities, impact periodicity, and the influence of park size on housing prices, using Nanjing, China as a case study. This result reveals that the introduction of new-built parks in Nanjing significantly impacts housing prices within an 800 m radius. The premium effect of these parks is substantially higher in urban core areas compared to suburban locales, demonstrating spatial differentials. Suburban parks temporally exhibit a prolonged lag and a shorter premium impact duration. Moreover, among various park areas, medium-sized parks demonstrate the most pronounced leverage effect, approximately double that of large parks, while small parks do not significantly affect housing prices. To mitigate the exacerbation of premium effects and enhance social justice in green strategies, we advocate prioritizing the development of small parks, particularly in urban core areas, and leveraging the temporal delay in new-built park impacts for urban policy interventions.

Keywords: green space; house price; green gentrification; DiD; China (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 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)
https://www.mdpi.com/2073-445X/13/10/1663/pdf (application/pdf)
https://www.mdpi.com/2073-445X/13/10/1663/ (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:13:y:2024:i:10:p:1663-:d:1497300

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 ().