A sight for sore eyes: Assessing the value of view and land use in the housing market
AbstractWe apply a hedonic model to the Geneva-Switzerland rental market to assess the value of view from dwellings and of land uses around buildings. Using a geographic information system, we calculate three-dimensional view variables, accessibility and land use variables. To our knowledge, this is the first paper to develop precise view measures at the dwelling level, considering surrounding land uses, in an urban context and with a large sample of 13,000 observations. The results show that view of various environmental amenities and its size has a significant impact on rents. The estimated rent premium for a dwelling located in a neighbourhood with an extended surface of water can be as high as 3%, and a view of water-covered area can raise rent up to 57%.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Housing Economics.
Volume (Year): 20 (2011)
Issue (Month): 3 (September)
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Web page: http://www.elsevier.com/locate/inca/622881
Hedonic model Rental market Housing market Value of view Land use impact on rents Geographic information system (GIS);
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