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Measuring the Value of Urban Forest using

Author

Listed:
  • Jan Melichar
  • Pavel Rieger
  • Ondřej Vojáček
  • Karel Jedlička

Abstract

A hedonic model to the Prague real estate market was applied in order to estimate the effects of the proximity to urban forests and parks on prices of the real estate. Therefore, a large database of 1,701 observations was constructed. This database contains structural aspects, accessibility characteristics and environmental variables on proximity and size of the nearest urban forest. Several regression models have been developed and their robustness has been tested in terms of the signifi cance of parameters and the size of variability explained. Results showed the size of the fl at is the most relevant variable explaining the price of the real estate. A signifi cant inverse relationship between the price of the real estate and its distance from a metro station and an urban forest has also been found.

Suggested Citation

  • Jan Melichar & Pavel Rieger & Ondřej Vojáček & Karel Jedlička, 2009. "Measuring the Value of Urban Forest using," Regionální studia, University of Economics, Prague, vol. 2009(2), pages 13-20.
  • Handle: RePEc:prg:jnlrst:v:2009:y:2009:i:2:id:11:p:13-20
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    References listed on IDEAS

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    1. Margot Lutzenhiser & Noelwah R. Netusil, 2001. "The Effect Of Open Spaces On A Home'S Sale Price," Contemporary Economic Policy, Western Economic Association International, vol. 19(3), pages 291-298, July.
    2. Baranzini, Andrea & Schaerer, Caroline, 2011. "A sight for sore eyes: Assessing the value of view and land use in the housing market," Journal of Housing Economics, Elsevier, vol. 20(3), pages 191-199, September.
    3. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-675, November.
    4. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
    5. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
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    Cited by:

    1. Henry Wüstemann & Gero Coppel & Marco Masin, 2015. "Landnutzung und ländlicher Tourismus: Eine hedonische Analyse," Journal of Socio-Economics in Agriculture (Until 2015: Yearbook of Socioeconomics in Agriculture), Swiss Society for Agricultural Economics and Rural Sociology, vol. 8(1), pages 48-59.
    2. Jens Kolbe & Henry Wüstemann, 2015. "Estimating the Value of Urban Green Space: A hedonic Pricing Analysis of the Housing Market in Cologne, Germany," SFB 649 Discussion Papers SFB649DP2015-002, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.

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