We consider whether public recreational open space is a substitute for private open space by testing whether price effects from proximity to an urban park are increasing in housing density. Aberdeen, Scotland features three owner-occupied residential property types: detached housing, nondetached housing and flats. We examine property sales within 800 m of five city parks. We find flat prices increase with additional proximity to parks, but there are generally no price effects from park proximity for lower density housing types. The results suggest that open space policy must consider the scale and density of surrounding urban development. Copyright 2006 American Real Estate and Urban Economics Association
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Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 34 (2006) Issue (Month): 4 (December) Pages: 553-566 Download reference. The following formats are available: HTML,
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