A Hedonic Analysis of the Value of Parks and Green Spaces in the Dublin Area
AbstractWe use a hedonic house price model to estimate the value of green spaces and parks to homeowners in the Dublin area. Using a dataset of house sales between 2001 and 2006 and combining it with available data on the location of green spaces in Dublin it is possible to assess the different values assigned to green areas by homeowners. We find that the value of green space depends first of all on how far from the property it is located. We also find a difference in the values assigned to open access parks and green spaces. For every 10% increase in the share of green space and park area near a house, its average price increases by 7% to 9%. We also attempted to identify different individual parks and rank them according to their value, however due to spatial multicollinearity the results were mixed.
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Bibliographic InfoPaper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP331.
Date of creation: Sep 2009
Date of revision:
green spaces/hedonic regression/Ireland/urban parks;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-12-11 (All new papers)
- NEP-ENV-2009-12-11 (Environmental Economics)
- NEP-GEO-2009-12-11 (Economic Geography)
- NEP-TUR-2009-12-11 (Tourism Economics)
- NEP-URE-2009-12-11 (Urban & Real Estate Economics)
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- Ronan C. Lyons, 2013. "Inside a bubble and crash: Evidence from the valuation of amenities," Trinity Economics Papers tep0513, Trinity College Dublin, Department of Economics.
- Ronan Lyons, 2012. "Search costs, sorting and â€œproperty ladderâ€ effects: Evidence from the valuation of amenities," ERSA conference papers ersa12p511, European Regional Science Association.
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