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Objective Vs. Perceived Air-Pollution As A Factor Of Housing Pricing: A Case Study Of The Greater Haifa Metropolitan Area

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  • Boris A. Portnov

Abstract

Sale prices of residential properties are not necessarily affected by objectively measured property attributes, but rather by attributes which sellers and buyers perceive as factual. To verify this assumption, we examined the effect of air pollution on market prices of 926 housing units sold between 1998 and 2007 in the Greater Haifa Metropolitan Area, Israel. First, we compared the ambient levels of SO2 and PM10 pollution, measured by air quality monitoring stations, with subjective evaluations of air pollution levels in the city neighborhoods, obtained via interviews of local residents. These two types of air pollution estimates were then used in the multivariate analysis as property price predictors. As found, subjective evaluations of local air quality performed significantly better in explaining the variation of local apartment prices than objectively measured air pollution levels.

Suggested Citation

  • Boris A. Portnov, 2010. "Objective Vs. Perceived Air-Pollution As A Factor Of Housing Pricing: A Case Study Of The Greater Haifa Metropolitan Area," ERES eres2010_021, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2010_021
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2010-021
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    Cited by:

    1. Rivera, Nathaly M., 2021. "Air quality warnings and temporary driving bans: Evidence from air pollution, car trips, and mass-transit ridership in Santiago," Journal of Environmental Economics and Management, Elsevier, vol. 108(C).
    2. Zavadskas, Edmundas Kazimieras & Kaklauskas, Arturas & Bausys, Romualdas & Naumcik, Andrej & Ubarte, Ieva, 2021. "Integrated hedonic-utilitarian valuation of the built environment by neutrosophic INVAR method," Land Use Policy, Elsevier, vol. 101(C).
    3. Román Mínguez & José-María Montero & Gema Fernández-Avilés, 2013. "Measuring the impact of pollution on property prices in Madrid: objective versus subjective pollution indicators in spatial models," Journal of Geographical Systems, Springer, vol. 15(2), pages 169-191, April.
    4. Daxin Dong & Xiaowei Xu & Wen Xu & Junye Xie, 2019. "The Relationship Between the Actual Level of Air Pollution and Residents’ Concern about Air Pollution: Evidence from Shanghai, China," IJERPH, MDPI, vol. 16(23), pages 1-18, November.
    5. Nathaly M. Rivera, 2020. "Is Mining an Environmental Disamenity? Evidence from Resource Extraction Site Openings," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 75(3), pages 485-528, March.
    6. Mark P. Berkman & Kyle J. Hubbard & Timothy H. Savage, 2012. "The Adverse Impact of Particulate Matter on Property Values," International Real Estate Review, Global Social Science Institute, vol. 15(2), pages 215-230.
    7. Wang, Jianing & Lee, Chyi Lin, 2022. "The value of air quality in housing markets: A comparative study of housing sale and rental markets in China," Energy Policy, Elsevier, vol. 160(C).
    8. Ionica Oncioiu & Tatiana Dănescu & Maria-Alexandra Popa, 2020. "Air-Pollution Control in an Emergent Market: Does It Work? Evidence from Romania," IJERPH, MDPI, vol. 17(8), pages 1-15, April.

    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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