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Urban Greenery as a Component of Real Estate Value

Author

Listed:
  • Szczepańska Agnieszka

    (The Faculty of Geodesy, Geospatial and Civil Engineering, University of Warmia and Mazury in Olsztyn)

  • Krzywnicka Iwona

    (The Faculty of Geodesy, Geospatial and Civil Engineering, University of Warmia and Mazury in Olsztyn)

  • Lemański Grzegorz

    (Starostwo Powiatowe w Malborku)

Abstract

Due to the specific characteristics of cities, such as the intensity of the use of space, the supply of green areas is limited. These areas are subjected to constant pressure (demand for new transportation or construction functions), which usually results in their reduction. As a consequence of this, green areas have become a limited asset in urban environments. City dwellers, seeking a high quality of life in the urban environment, pay attention to the proximity of greenery to their place of residence. This is, therefore, a factor that greatly influences market prices of residential real estate. In the study, the dependency of transaction prices of residential premises on the vicinity of urban greenery was subjected to analysis. Additionally, questionnaire studies were conducted with respect to the evaluation of the significance of environmental factors when choosing a place to live, which translates over to the decisions made by consumers on the real estate market.

Suggested Citation

  • Szczepańska Agnieszka & Krzywnicka Iwona & Lemański Grzegorz, 2016. "Urban Greenery as a Component of Real Estate Value," Real Estate Management and Valuation, Sciendo, vol. 24(4), pages 79-87, December.
    • Handle: RePEc:vrs:remava:v:24:y:2016:i:4:p:79-87:n:8
    DOI: 10.1515/remav-2016-0032
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    References listed on IDEAS

    as
    1. Jiro Yoshida & Ayako Sugiura, 2015. "The Effects of Multiple Green Factors on Condominium Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 50(3), pages 412-437, April.
    2. Susan M. Wachter & Grace Wong, 2008. "What Is a Tree Worth? Green‐City Strategies, Signaling and Housing Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(2), pages 213-239, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    green areas; real estate value; city;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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