The Value of Scattered Greenery in Urban Areas: A Hedonic Analysis in Japan

Yuta Kuroda and Takeru Sugasawa ()
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Takeru Sugasawa: Housing Research and Advancement Foundation of Japan

Environmental & Resource Economics, 2023, vol. 85, issue 2, No 8, 523-586

Abstract: 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 green space from high-resolution satellite images and combine these data with data on both condominium sales and rentals to estimate hedonic pricing models. We find that scattered urban greenery within 100 m significantly increases housing prices, while more distant scattered greenery does not. Scattered greenery is highly valued near highways, and the prices of inexpensive and small for-sale and 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.

Keywords: Environmental amenities; Urban greenness; Hedonic housing price model; Housing value; Remote sensing (search for similar items in EconPapers)
JEL-codes: Q51 Q57 R21 R3 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s10640-023-00775-5

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