The ex-ante impact of conflict over infrastructure settings on residential property values. The case of Paris's suburban zones
AbstractThe presence of nearby public facilities has an impact on real-estate values; for this reason, the market may reasonably anticipate that public infrastructure projects will affect house prices. But undesirable and semi-desirable facility location choices may be contested by nearby residents, as they are a source of negative externalities or expectations. In Paris's suburban zones, opposition to these infrastructures is frequent, and the official announcement of a project does not automatically mean it will be implemented. Through three case studies, we explore the way in which the expectation mechanism is affected by legal conflicts driven by nearby residents. We suppose that expectations depend on the probability that a given project will be realized. The variation is captured by a hedonic model. As conflicts amplify or reduce the certainty of the new facility's arrival, market perceptions of the infrastructure vary.
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Bibliographic InfoPaper provided by Paris Dauphine University in its series Economics Papers from University Paris Dauphine with number 123456789/13627.
Date of creation: 2014
Date of revision:
Publication status: Published in Urban Studies, 2014. pp. -.Length: NaN pages
House prices; Infrastructure setting conflicts; Market expectations;
Find related papers by JEL classification:
- H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
- K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets
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