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What Is the Effect of Cultural Greenway Projects in High-Density Urban Municipalities? Assessing the Public Living Desire near the Cultural Greenway in Central Beijing

Author

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  • Haiyun Xu

    (School of Architecture and Urban Planning, Beijing University of Civil Engineering and Architecture, Beijing 100044, China)

  • Fan Fu

    (School of Architecture and Urban Planning, Beijing University of Civil Engineering and Architecture, Beijing 100044, China)

  • Meng Miao

    (School of Finance, Renmin University of China, Beijing 100086, China)

Abstract

Cultural greenway projects (CGPs) are widely regarded as an urban planning approach which connects open green spaces and sites of sociocultural value to provide access to living, working and recreational spaces and enhance local social well-being. This paper examines the impact of such CGPs on public living desire before and after a given project is completed through analyzing housing prices in the surrounding area. We deployed a hedonic pricing model (HPM) and differences in differences (DID) model to analyze and record any changes in housing market trends that may have been caused by such a cultural greenway project. Via analysis of single-family home sale transactions in central Beijing from 2013 to 2017, we found substantial evidence that proximity to a cultural greenway project is positively linked with rising property prices. Once complete, CGPs were similarly associated with positive increases per HPM and DID modeling. Our results revealed that the distance to greenway contributed significantly positive impact on the housing market after the cultural greenway project completed. Moreover, our result indicated that once a CGP was open to the public, it increased the price of properties within 1 km by 13.3%. Seller and buyer expectations of the development of local, green public infrastructure also began to factor into housing prices prior to the greenway opening to the public. Post-completion, the positive trend in property pricing due to local CGPs indicates that the public still have an increasing desire to live near the greenway. These results will help policymakers better understand how cultural greenways affect neighborhoods in high-density urban contexts, and will support the development of urban greenway policies for cities in China that reap the maximum economic benefit.

Suggested Citation

  • Haiyun Xu & Fan Fu & Meng Miao, 2022. "What Is the Effect of Cultural Greenway Projects in High-Density Urban Municipalities? Assessing the Public Living Desire near the Cultural Greenway in Central Beijing," IJERPH, MDPI, vol. 19(4), pages 1-15, February.
    • Handle: RePEc:gam:jijerp:v:19:y:2022:i:4:p:2147-:d:749275
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    Cited by:

    1. Liang Li & Xinyue Gao & Jingni Li & Lu Meng & Ziyao Wang & Lu Yang, 2022. "Difference of Usage Behavior between Urban Greenway and Suburban Greenway: A Case Study in Beijing, China," Land, MDPI, vol. 11(8), pages 1-17, August.

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