The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing

Tom Gillespie, Ronan Lyons () and Stephen Hynes

Land Economics, 2024, vol. 100, issue 2, 278-295

Abstract: This article develops a new measure of sea view breadth and depth, based on a combination of GIS 3D simulation and natural language processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. We estimate the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014–2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.

JEL-codes: Q15 R14 (search for similar items in EconPapers)
Date: 2024
Note: DOI: https://doi.org/10.3368/le.100.2.071522-0056R
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