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The Impact of Urban Forests on Housing Prices

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DOI: 10.23977/ferm.2020.030115 | Downloads: 4 | Views: 168

Author(s)

Haiying Shi 1

Affiliation(s)

1 School of Economics & Management, Beijing Forestry University, Beijing, 100000

Corresponding Author

Haiying Shi

ABSTRACT

The beautiful urban forest is a place for people's daily leisure and entertainment, which brings people psychological pleasure and comfort, and also has an important impact on the quality of the city. Since most of the landscape benefits are recessive and its comfort value is difficult to directly measure with currency prices, scholars at home and abroad have widely adopted the characteristic price method for empirical research. Taking Hangzhou as an example, this paper selects 25 explanatory variables from the four dimensions of architecture, neighborhood, location, and landscape to construct a characteristic price model, and quantitatively evaluates the impact of various landscapes within the city on residential prices. The empirical results show that the housing price is negatively correlated with the distance to the West Lake and the park, but positively correlated with the park area: among them, for every 1% increase in the distance to the West Lake and the nearest park, the housing price will drop by 0.240%. And 0.036%; for every 1% increase in the area of the park, the price of nearby houses will increase by 0.012%; landscapes such as squares, mountain views, and Qiantang River also have a significant effect on housing prices within a certain range.

KEYWORDS

urban forest, comfort value, housing price, characteristic price model

CITE THIS PAPER

Haiying Shi, The Impact of Urban Forests on Housing Prices. Financial Engineering and Risk Management (2020) 3: 102-106. DOI: http://dx.doi.org/10.23977/ferm.2020.030115.

REFERENCES

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[2] Cavailhès, J.; Brossard, T.; Foltête, J.-C.; Hilal, M.; Joly, D.; Tourneux, F.-P.; Tritz, C.; Wavresky, P. J. E.; economics, r., GIS-based hedonic pricing of landscape. 2009, 44 (4), 571-590.
[3] Smith, V. K.; Poulos, C.; Kim, H. J. R.; economics, e., Treating open space as an urban amenity. 2002, 24 (1-2), 107-129.
[4] Green, S. B.; Salkind, N. J., Using SPSS for Windows and Macintosh, books a la carte. Pearson: 2016.

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