Valuing the Environmental Benefits of Canals and Canal Restoration Using House Prices

Stephen Gibbons, Cong Peng and Cheng Tang

Land Economics, 2021, vol. 97, issue 4, 858-874

Abstract: This article values the environmental benefits of historic, navigable canals using property values. We improve on standard methods by controlling for microgeographic fixed effects and applying a difference-in-differences method to canal restoration. We find a localized price premium within 100 m, around 5% before the 2008 recession, dropping to 3.4% by 2016. These effects are driven by urban canal-side properties with a direct outlook on the canals or immediate access. These locations are also attractive for developers, with a higher proportion of new-build sales. Our estimates suggest that canals generate land value uplift of £0.8–£0.9 billion in England.

JEL-codes: Q51 R21 (search for similar items in EconPapers)
Date: 2021
Note: DOI: 10.3368/le.97.4.031420-0038R1
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Citations: View citations in EconPapers (1)

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Working Paper: Valuing the environmental benefits of canals and canal restoration using house prices (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:uwp:landec:v:97:y:2021:i:4:p:858-874

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