Valuation of open space: Hedonic house price analyses in the Dutch Randstad region
AbstractIn this paper, we aim to reveal the monetary value of open space by using a hedonic pricing model of residential property values. The analysis is supported by the use of Geographic Information Systems (GIS). We present three local Dutch housing market case studies in the Randstad region. In all studies we distinguish open space on three different scale levels, ranging from a view of a small local open space to the proximity of large regional open space for recreational purposes. We find that a view of open space, ceteris paribus, increases house prices 4 to 8 percent. We also observe that the availability of local open space within 25 metres of residences has a substantial positive impact on house prices. In two of the three selected housing market areas this positive impact is even found up to 50 metres. The contribution of larger areas of regional open space to house prices cannot be established unequivocally, as its impact ranges from positive to negative depending on the studied area.
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Bibliographic InfoPaper provided by VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics in its series Serie Research Memoranda with number 0024.
Date of creation: 2008
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Land use; open space; valuation; hedonic price theory; GIS;
Find related papers by JEL classification:
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
- R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
- Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
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