IDEAS home Printed from https://ideas.repec.org/a/gam/jlands/v12y2023i4p865-d1120912.html
   My bibliography  Save this article

The Impact of the Type and Abundance of Urban Blue Space on House Prices: A Case Study of Eight Megacities in China

Author

Listed:
  • Chucai Peng

    (College of Horticulture and Forestry Sciences, Hubei Engineering Technology Research Center for Forestry Information, Huazhong Agricultural University, Wuhan 430070, China)

  • Yang Xiang

    (College of Horticulture and Forestry Sciences, Hubei Engineering Technology Research Center for Forestry Information, Huazhong Agricultural University, Wuhan 430070, China)

  • Luxia Chen

    (College of Horticulture and Forestry Sciences, Hubei Engineering Technology Research Center for Forestry Information, Huazhong Agricultural University, Wuhan 430070, China)

  • Yangyang Zhang

    (College of Horticulture and Forestry Sciences, Hubei Engineering Technology Research Center for Forestry Information, Huazhong Agricultural University, Wuhan 430070, China)

  • Zhixiang Zhou

    (College of Horticulture and Forestry Sciences, Hubei Engineering Technology Research Center for Forestry Information, Huazhong Agricultural University, Wuhan 430070, China)

Abstract

Urban blue spaces (UBS) have been shown to provide a multitude of cultural ecosystem services to urban residents, while also having a considerable impact on the surrounding community’s house prices. However, the impact of different types of UBS and the effect of their abundance on house prices have been largely understudied. This study aims to address this gap by examining the impact of different types of UBS on house prices using eight megacities in China as a case study. Spatial hedonic price models are developed to assess the impact of different types of UBS on house prices, and differences in their impact across cities are identified. Variance partitioning analysis is also used to decompose the relative contributions of UBS variables and explore the relationship between UBS-attributable premiums and the abundance of UBS. The results indicate that lakes and the main river have a significant positive impact on house prices in most cities, while the impact of small rivers on house prices varies across cities. The influence of UBS variables differs significantly across cities, but these differences are not solely driven by the abundance of UBS. This study provides valuable information for UBS planning and management and contributes to the equitable distribution of urban public services.

Suggested Citation

  • Chucai Peng & Yang Xiang & Luxia Chen & Yangyang Zhang & Zhixiang Zhou, 2023. "The Impact of the Type and Abundance of Urban Blue Space on House Prices: A Case Study of Eight Megacities in China," Land, MDPI, vol. 12(4), pages 1-27, April.
    • Handle: RePEc:gam:jlands:v:12:y:2023:i:4:p:865-:d:1120912
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2073-445X/12/4/865/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2073-445X/12/4/865/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kun Ma & Liangzhi You & Junguo Liu & Mingxiang Zhang, 2012. "A Hybrid Wetland Map for China: A Synergistic Approach Using Census and Spatially Explicit Datasets," PLOS ONE, Public Library of Science, vol. 7(10), pages 1-8, October.
    2. Jungik Kim & Peter Goldsmith, 2009. "A Spatial Hedonic Approach to Assess the Impact of Swine Production on Residential Property Values," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 42(4), pages 509-534, April.
    3. Reynaud, Arnaud & Lanzanova, Denis, 2017. "A Global Meta-Analysis of the Value of Ecosystem Services Provided by Lakes," Ecological Economics, Elsevier, vol. 137(C), pages 184-194.
    4. Dennis Kaufman & Norman Cloutier, 2006. "The Impact of Small Brownfields and Greenspaces on Residential Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 33(1), pages 19-30, August.
    5. Chaikumbung, Mayula & Doucouliagos, Hristos & Scarborough, Helen, 2016. "The economic value of wetlands in developing countries: A meta-regression analysis," Ecological Economics, Elsevier, vol. 124(C), pages 164-174.
    6. Moore, Michael R. & Doubek, Jonathan P. & Xu, Hui & Cardinale, Bradley J., 2020. "Hedonic Price Estimates of Lake Water Quality: Valued Attribute, Instrumental Variables, and Ecological-Economic Benefits," Ecological Economics, Elsevier, vol. 176(C).
    7. Henrik Andersson & Lina Jonsson & Mikael Ögren, 2010. "Property Prices and Exposure to Multiple Noise Sources: Hedonic Regression with Road and Railway Noise," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 45(1), pages 73-89, January.
    8. Cho, Seong-Hoon & Roberts, Roland K. & Kim, Seung Gyu, 2011. "Negative externalities on property values resulting from water impairment: The case of the Pigeon River Watershed," Ecological Economics, Elsevier, vol. 70(12), pages 2390-2399.
    9. Chae, Heeju & Kim, Seunggwan & Lee, Jungguk & Park, Kyounghye, 2020. "Impact of product characteristics of limited edition shoes on perceived value, brand trust, and purchase intention; focused on the scarcity message frequency," Journal of Business Research, Elsevier, vol. 120(C), pages 398-406.
    10. Kelejian, Harry H & Prucha, Ingmar R, 1998. "A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 99-121, July.
    11. Feng Deng, 2020. "Intrametropolitan variation of urban structure and housing price: the case of Chongqing, China," Asia-Pacific Journal of Regional Science, Springer, vol. 4(3), pages 639-655, October.
    12. Du, Xuejun & Huang, Zhonghua, 2018. "Spatial and temporal effects of urban wetlands on housing prices: Evidence from Hangzhou, China," Land Use Policy, Elsevier, vol. 73(C), pages 290-298.
    13. Snyder, Stephanie A. & Kilgore, Michael A. & Hudson, Rachel & Donnay, Jacob, 2008. "Influence of purchaser perceptions and intentions on price for forest land parcels: A hedonic pricing approach," Journal of Forest Economics, Elsevier, vol. 14(1), pages 47-72, January.
    14. Feng, Hao & Lu, Ming, 2013. "School quality and housing prices: Empirical evidence from a natural experiment in Shanghai, China," Journal of Housing Economics, Elsevier, vol. 22(4), pages 291-307.
    15. Henry J. Munneke & C.F. Sirmans & Barrett A. Slade & Geoffrey K. Turnbull, 2014. "Housing Regulation, Externalities and Residential Property Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(2), pages 422-456, June.
    16. Hu, Lirong & He, Shenjing & Luo, Yun & Su, Shiliang & Xin, Jing & Weng, Min, 2020. "A social-media-based approach to assessing the effectiveness of equitable housing policy in mitigating education accessibility induced social inequalities in Shanghai, China," Land Use Policy, Elsevier, vol. 94(C).
    17. Batabyal, Amitrajeet A. & Kahn, James R. & O'Neill, Robert V., 2003. "On the scarcity value of ecosystem services," Journal of Environmental Economics and Management, Elsevier, vol. 46(2), pages 334-352, September.
    18. Rojas, Carolina & Munizaga, Juan & Rojas, Octavio & Martínez, Carolina & Pino, Joan, 2019. "Urban development versus wetland loss in a coastal Latin American city: Lessons for sustainable land use planning," Land Use Policy, Elsevier, vol. 80(C), pages 47-56.
    19. Liu, Tian & Hu, Weiyan & Song, Yan & Zhang, Anlu, 2020. "Exploring spillover effects of ecological lands: A spatial multilevel hedonic price model of the housing market in Wuhan, China," Ecological Economics, Elsevier, vol. 170(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Daxin Gong & Xiaofan Shan, 2023. "How Does Smart City Construction Affect Urban–Rural Collaborative Development? A Quasi-Natural Experiment from Chinese Cities," Land, MDPI, vol. 12(8), pages 1-14, August.
    2. Jong-Won Lee & Sang-Woo Lee & Hai Gyong Kim & Hyun-Kil Jo & Se-Rin Park, 2023. "Green Space and Apartment Prices: Exploring the Effects of the Green Space Ratio and Visual Greenery," Land, MDPI, vol. 12(11), pages 1-13, November.
    3. Magdalena Gyurkovich & Joanna Kołata & Marta Pieczara & Piotr Zierke, 2024. "Assessment of the Greenery Content in Suburban Multi-Family Housing Models in Poland: A Case Study of the Poznań Metropolitan Area," Sustainability, MDPI, vol. 16(8), pages 1-33, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. David Boto-García & Veronica Leoni, 2023. "The Economic Value of Coastal Amenities: Evidence from Beach Capitalization Effects in Peer-to-Peer Markets," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 84(2), pages 529-557, February.
    2. Ouyang, Yanyan & Cai, Hongbo & Yu, Xuefei & Li, Zijian, 2022. "Capitalization of social infrastructure into China's urban and rural housing values: Empirical evidence from Bayesian Model Averaging," Economic Modelling, Elsevier, vol. 107(C).
    3. Ding, Kangzhe & Itoh, Ryo, 2023. "JUE Insight: The impact of the school admission restriction policy on the housing market in Shanghai," Journal of Urban Economics, Elsevier, vol. 136(C).
    4. Fitzpatrick, Luke & Parmeter, Christopher F. & Agar, Juan, 2019. "Approaches for visualizing uncertainty in benefit transfer from metaregression," Ecological Economics, Elsevier, vol. 164(C), pages 1-1.
    5. Cyprian Chwiałkowski & Adam Zydroń, 2021. "Socio-Economic and Spatial Characteristics of Wielkopolski National Park: Application of the Hedonic Pricing Method," Sustainability, MDPI, vol. 13(9), pages 1-17, April.
    6. Wenhao Xue & Xinyao Li & Zhe Yang & Jing Wei, 2022. "Are House Prices Affected by PM 2.5 Pollution? Evidence from Beijing, China," IJERPH, MDPI, vol. 19(14), pages 1-17, July.
    7. Xiao, Yue & Wen, Haizhen & Hui, Eddie C.M. & Zhou, Ganghua, 2022. "Dynamic capitalization effects of educational facilities during different market stages: An empirical study in Hangzhou, China," Land Use Policy, Elsevier, vol. 122(C).
    8. Stoeckl, Natalie & Dodd, Aaron & Kompas, Tom, 2023. "The monetary value of 16 services protected by the Australian National Biosecurity System: Spatially explicit estimates and vulnerability to incursions," Ecosystem Services, Elsevier, vol. 60(C).
    9. Gary Cornwall & Beau Sauley, 2021. "Indirect effects and causal inference: reconsidering regression discontinuity," Journal of Spatial Econometrics, Springer, vol. 2(1), pages 1-28, December.
    10. Qinna Zhao & Robert A. Simons & Zhong Fen, 2016. "The Effect of Three Incineration Plants on Residential Property Values in Hangzhou, China," International Real Estate Review, Global Social Science Institute, vol. 19(4), pages 515-546.
    11. David Boto-García & Veronica Leoni, 2022. "The hedonic value of coastal amenities in peer-to-peer markets," DEA Working Papers 94, Universitat de les Illes Balears, Departament d'Economía Aplicada.
    12. Marisa J. Mazzotta & Elena Besedin & Ann E. Speers, 2014. "A Meta-Analysis of Hedonic Studies to Assess the Property Value Effects of Low Impact Development," Resources, MDPI, vol. 3(1), pages 1-31, January.
    13. Matthew Richardson & Pengfei Liu & Michael Eggleton, 2022. "Valuation of Wetland Restoration: Evidence from the Housing Market in Arkansas," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 81(3), pages 649-683, March.
    14. Stoeckl, Natalie & Condie, Scott & Anthony, Ken, 2021. "Assessing changes to ecosystem service values at large geographic scale: A case study for Australia’s Great Barrier Reef," Ecosystem Services, Elsevier, vol. 51(C).
    15. Yizhou Wu & Xiaohong Zheng & Li Sheng & Heyuan You, 2020. "Exploring the Equity and Spatial Evidence of Educational Facilities in Hangzhou, China," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 151(3), pages 1075-1096, October.
    16. Cotteleer, Geerte & Peerlings, Jack H.M., 2008. "Externalities Imposed on Residential Properties in Highly Urbanized Areas," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43950, European Association of Agricultural Economists.
    17. Daisuke Ichinose & Masashi Yamamoto & Yuichiro Yoshida, 2013. "Bayesian Estimation of the Decoupling of Affluence and Waste Discharge under Spatial Correlation : Do Richer Communities Discharge More Waste?," IDEC DP2 Series 3-10, Hiroshima University, Graduate School for International Development and Cooperation (IDEC).
    18. Wu, Chao & Du, Yihao & Li, Sheng & Liu, Pengyu & Ye, Xinyue, 2022. "Does visual contact with green space impact housing pricesʔ An integrated approach of machine learning and hedonic modeling based on the perception of green space," Land Use Policy, Elsevier, vol. 115(C).
    19. Lucija Muehlenbachs & Elisheba Spiller & Christopher Timmins, 2015. "The Housing Market Impacts of Shale Gas Development," American Economic Review, American Economic Association, vol. 105(12), pages 3633-3659, December.
    20. Tiziano Arduini & Eleonora Patacchini & Edoardo Rainone, 2020. "Treatment Effects With Heterogeneous Externalities," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 38(4), pages 826-838, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jlands:v:12:y:2023:i:4:p:865-:d:1120912. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.