Nature’s Neighborhood: The Housing Premium of Urban Parks in Dense Cities

Siqi Feng, Yuefei Zhuo (), Zhongguo Xu, Yang Chen, Guan Li and Xueqi Wang
Additional contact information
Siqi Feng: Law School, Ningbo University, Ningbo 315211, China
Yuefei Zhuo: Law School, Ningbo University, Ningbo 315211, China
Zhongguo Xu: Law School, Ningbo University, Ningbo 315211, China
Yang Chen: Law School, Ningbo University, Ningbo 315211, China
Guan Li: Law School, Ningbo University, Ningbo 315211, China
Xueqi Wang: Law School, Ningbo University, Ningbo 315211, China

Land, 2024, vol. 13, issue 10, 1-19

Abstract: Urban parks, a core component of urban landscapes, play a crucial role in mitigating the negative effects of rapid urbanization and achieving sustainable urban development. In densely populated urban environments, providing urban parks fairly and efficiently, taking social preferences into account, is an important challenge. In this regard, we take Hangzhou, China, as an example and use a hedonic pricing model with a difference-in-differences estimator to test the effect of different types of urban parks on housing prices, quantify their respective economic values, and reflect homebuyers’ preferences. The findings indicate that the construction of new urban parks leads to an overall increase in the value of the surrounding real estate to some extent. Specifically, the construction of comprehensive parks and large parks significantly enhances the value of nearby housing, while proximity to new medium-sized parks also results in a housing price premium, albeit to a lesser extent. In contrast, community parks and specialized parks have a less significant impact on housing prices. These findings provide valuable insights for equitable urban development and planning, optimizing the allocation of urban parks and determining investment priorities for different types of parks to enhance the sustainability of the urban environment and human well-being.

Keywords: urban park; hedonic pricing model; types of urban parks; urban planning (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: View citations in EconPapers (1)

Downloads: (external link)
https://www.mdpi.com/2073-445X/13/10/1686/pdf (application/pdf)
https://www.mdpi.com/2073-445X/13/10/1686/ (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:1686-:d:1499580

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 ().