Effects of Urban Parks on Housing Prices in the Post-COVID-19 Pandemic Era in China

Xinxing Yang, Qiang Ye, You Peng, Shaobo Liu () and Tao Feng
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Xinxing Yang: School of Architecture and Planning, Hunan University, Changsha 410082, China
Qiang Ye: School of Architecture and Planning, Hunan University, Changsha 410082, China
You Peng: Urban Planning and Transportation, Department of the Built Environment, Eindhoven University of Technology, P.O. Box 513, 5600 MB Eindhoven, The Netherlands
Shaobo Liu: School of Architecture and Art, Central South University, Changsha 410083, China
Tao Feng: Urban and Data Science Lab, Graduate School of Advanced Science and Engineering, Hiroshima University, Higashi Hiroshima 7398529, Japan

Land, 2024, vol. 13, issue 4, 1-17

Abstract: Urban parks are important for improving the quality of living environments. Although the impact of parks on housing prices has been well documented, the effects of the COVID-19 pandemic remain vague. This paper analyzes the housing prices of neighborhoods around Meixi Lake park in Changsha, at the initial stage of the COVID-19 pandemic in June 2020 and the stable stage of the recovery period in June 2023, which demonstrates the impacts of urban parks on property pricing and housing choice based on residential transaction data. The results indicate that urban parks are given a high priority in determining people’s choices. In June 2020, the risk of epidemic transmission and noise interference lowered the price of property that is close to public parks and recreational facilities. However, good management and social services in residential areas increase housing prices. However, when the pandemic ended, the strong demand for outdoor activities led to a price rise in the properties near Meixi Lake park. People are most likely to choose houses in a neighborhood characterized by good educational facilities and a high-quality living environment. More specially, the houses with a short distance to parks and where residents can enjoy the view of a lake or mountains are preferable to any others. A residential area adjacent to a super large park paired with a small park is the most valuable consideration for property developers and housing consumers.

Keywords: COVID-19; urban parks; housing price; Hedonic Price Model (search for similar items in EconPapers)
JEL-codes: Q15 Q2 Q24 Q28 Q5 R14 R52 (search for similar items in EconPapers)
Date: 2024
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