The Effect of Noise Barriers on the Market Value of Adjacent Residential Properties
AbstractThis paper provides the first study on the impact of noise barriers on the price of adjacent houses based on a repeat sale analysis (RSA). RSA allows us to empirically examine the differential between the prices of houses sold before and after an event that may have affected their value, and after other relevant variables such as the evolution of the real estate market and major renovations performed on the house are controlled. This paper focuses on the neighborhood of Laval, a suburb of Montreal, where a large noise barrier was built in 1990 along a highway. The data set contains transaction information on 134 houses that were sold at least twice from 1980–2000. The empirical result will show that the noise barrier induced a decrease of 6% in the house prices in our sample in the short run, while it had a stronger negative impact of 11% in the long run.
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Bibliographic InfoArticle provided by Asian Real Estate Society in its journal International Real Estate Review.
Volume (Year): 10 (2007)
Issue (Month): 2 ()
Contact details of provider:
Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Web page: http://www.asres.org/
Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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- Dombrow, Jonathan & Knight, J R & Sirmans, C F, 1997. "Aggregation Bias in Repeat-Sales Indices," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 75-88, Jan.-Marc.
- Clapp, John M & Giaccotto, Carmelo, 1992. "Estimating Price Trends for Residential Property: A Comparison of Repeat Sales and Assessed Value Methods," The Journal of Real Estate Finance and Economics, Springer, vol. 5(4), pages 357-74, December.
- Case, Bradford & Pollakowski, Henry O & Wachter, Susan M, 1997. "Frequency of Transaction and House Price Modeling," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 173-87, Jan.-Marc.
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