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A Spatial Hedonic Analysis of the Value of the Greenbelt in the City of Vienna, Austria

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  • Shanaka Herath
  • Johanna Choumert
  • Gunther Maier

Abstract

The continuous expansion of urban areas at the expense of rural and natural areas should understandably increase the desire for green amenities among urban populations. In this context, greenbelts become an important component in the modern city landscape. We apply the hedonic price method in order to determine whether the implicit value of greenbelts is capitalized into real estate prices in the city of Vienna (Austria). We improve the traditional model using spatial econometric techniques and test different spatial models, namely the spatial lag model, the spatial error model and the spatial Durbin model. Evidence suggests strong support for the spatial Durbin model in the context of our data. We find, in particular, that distance to the greenbelt is an important factor that explains residential choices of households: while the CBD exerts a centripetal force, the greenbelt, on the contrary, exerts a centrifugal force.

Suggested Citation

  • Shanaka Herath & Johanna Choumert & Gunther Maier, 2013. "A Spatial Hedonic Analysis of the Value of the Greenbelt in the City of Vienna, Austria," ERES eres2013_337, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2013_337
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    JEL classification:

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

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