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The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing

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  • Tom Gillespie
  • Ronan C. Lyons
  • Stephen Hynes

Abstract

This article develops a new measure of sea view breadth and depth, based on a combination of GIS 3D simulation and natural language processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. We estimate the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014–2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.

Suggested Citation

  • Tom Gillespie & Ronan C. Lyons & Stephen Hynes, 2024. "The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing," Land Economics, University of Wisconsin Press, vol. 100(2), pages 278-295.
    • Handle: RePEc:uwp:landec:v:100:y:2024:i:2:p:278-295
    Note: DOI: https://doi.org/10.3368/le.100.2.071522-0056R
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    More about this item

    JEL classification:

    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns

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