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Valuing individual characteristics and the multifunctionality of urban green spaces: The integration of sociotope mapping and hedonic pricing

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  • Piotr Czembrowski
  • Edyta Łaszkiewicz
  • Jakub Kronenberg
  • Gustav Engström
  • Erik Andersson

Abstract

We categorize Stockholm’s urban green spaces according to the use values and social meanings they support, based on a sociotope mapping, and estimate their impact on property prices with a hedonic pricing model. The approach allows us to identify the most and least desired green space characteristics (attributes) and to assess the willingness to pay for the multifunctionality of green spaces. To do this, we test the following hypotheses, each with a separate hedonic pricing model:the proximity of all green space characteristics increases the property prices, but the specific monetary value of these characteristics differs;the multifunctionality of green spaces is well recognized and highly valued by real estate buyers.We find partial support for the first hypothesis: the green space attributes of “aesthetics”, “social activity” and “nature” seem to be desired by real estate buyers, whereas “physical activity” and “play” seem not to be desired. We also find support for the second hypothesis: the higher the number of characteristics an urban green space has, the stronger its impact on property prices. This study furthers the discussion on the economic value of urban green spaces by assigning monetary value to their perceived character and use values. In doing so, it highlights the need to understand green spaces both as ecological features and social constructs.

Suggested Citation

  • Piotr Czembrowski & Edyta Łaszkiewicz & Jakub Kronenberg & Gustav Engström & Erik Andersson, 2019. "Valuing individual characteristics and the multifunctionality of urban green spaces: The integration of sociotope mapping and hedonic pricing," PLOS ONE, Public Library of Science, vol. 14(3), pages 1-16, March.
    • Handle: RePEc:plo:pone00:0212277
    DOI: 10.1371/journal.pone.0212277
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    2. Dongkwan Lee & Choongik Choi, 2021. "An Analysis of the Effects of Development-Restricted Areas on Land Price Using Spatial Analysis," Land, MDPI, vol. 10(6), pages 1-21, June.
    3. Juntti, Meri & Ozsezer-Kurnuc, Sevda, 2023. "Factors influencing the realisation of the social impact of urban nature in inner-city environments: A systematic review of complex evidence," Ecological Economics, Elsevier, vol. 211(C).
    4. Louis Gerhardus Lategan & Zene Steynberg & Elizelle Juanee Cilliers & Sarel Stephanus Cilliers, 2022. "Economic Valuation of Urban Green Spaces across a Socioeconomic Gradient: A South African Case Study," Land, MDPI, vol. 11(3), pages 1-23, March.
    5. Zene Combrinck & Elizelle Juanee Cilliers & Louis Lategan & Sarel Cilliers, 2020. "Revisiting the Proximity Principle with Stakeholder Input: Investigating Property Values and Distance to Urban Green Space in Potchefstroom," Land, MDPI, vol. 9(7), pages 1-16, July.
    6. Richard leBrasseur, 2023. "Citizen Sensing within Urban Greenspaces: Exploring Human Wellbeing Interactions in Deprived Communities of Glasgow," Land, MDPI, vol. 12(7), pages 1-24, July.
    7. Mohamed A. Abdrabo & Mahmoud A. Hassaan & Rofida G. Abdelwahab, 2022. "A spatial hedonic approach for modeling the relationship between quality of urban life and housing prices, case study: Alexandria city, Egypt," Letters in Spatial and Resource Sciences, Springer, vol. 15(1), pages 59-77, April.
    8. Grzyb, Tomasz & Kulczyk, Sylwia & Derek, Marta & Woźniak, Edyta, 2021. "Using social media to assess recreation across urban green spaces in times of abrupt change," Ecosystem Services, Elsevier, vol. 49(C).
    9. Malik, Khyati & Kim, Sowon & Cultice, Brian J., 2023. "The Impact of Remote Work on Green Space Values in Regional Housing Markets," 2023 Annual Meeting, July 23-25, Washington D.C. 335486, Agricultural and Applied Economics Association.
    10. Edyta Łaszkiewicz & Piotr Czembrowski & Jakub Kronenberg, 2020. "Creating a Map of the Social Functions of Urban Green Spaces in a City with Poor Availability of Spatial Data: A Sociotope for Lodz," Land, MDPI, vol. 9(6), pages 1-25, June.

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