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The Effect of Natural Space on Nearby Property Prices: Accounting for Perceived Attractiveness

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  • Michiel N. Daams
  • Frans J. Sijtsma
  • Arno J. van der Vlist

Abstract

This paper estimates the effect of attractive natural space on Dutch residential property prices. We operationalize attractive natural spaces by combining land use data with unique data on the perceived attractiveness of natural spaces. In our main results, the effect of attractive natural space on property prices falls from 16.0% for properties within 0.5 km, to 1.6% for properties up to 7 km away. Our findings advance existing hedonic studies by verifying that economic benefits of living near natural space extend over a larger distance. This has important implications for public policy regarding investment in natural space near residential areas.

Suggested Citation

  • Michiel N. Daams & Frans J. Sijtsma & Arno J. van der Vlist, 2016. "The Effect of Natural Space on Nearby Property Prices: Accounting for Perceived Attractiveness," Land Economics, University of Wisconsin Press, vol. 92(3), pages 389-410.
  • Handle: RePEc:uwp:landec:v:92:y:2016:i:3:p:389-410
    Note: DOI: 10.3368/le.92.3.389
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    Citations

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    Cited by:

    1. Daams, Michiel N. & Sijtsma, Frans J. & Veneri, Paolo, 2019. "Mixed monetary and non-monetary valuation of attractive urban green space: A case study using Amsterdam house prices," Ecological Economics, Elsevier, vol. 166(C), pages 1-1.
    2. Paulin, M.J. & Rutgers, M. & de Nijs, T. & Hendriks, A.J. & Koopman, K.R. & Van Buul, T. & Frambach, M. & Sardano, G. & Breure, A.M., 2020. "Integration of local knowledge and data for spatially quantifying ecosystem services in the Hoeksche Waard, the Netherlands," Ecological Modelling, Elsevier, vol. 438(C).
    3. Daams, Michiel N. & Proietti, Paola & Veneri, Paolo, 2019. "The effect of asylum seeker reception centers on nearby house prices: Evidence from The Netherlands," Journal of Housing Economics, Elsevier, vol. 46(C).
    4. Fernandez, Mario Andres & Bucaram, Santiago, 2019. "The changing face of environmental amenities: Heterogeneity across housing submarkets and time," Land Use Policy, Elsevier, vol. 83(C), pages 449-460.
    5. Jin Han Park & Dong Kun Lee & Chan Park & Ho Gul Kim & Tae Yong Jung & Songyi Kim, 2017. "Park Accessibility Impacts Housing Prices in Seoul," Sustainability, MDPI, Open Access Journal, vol. 9(2), pages 1-14, January.
    6. Michiel N. Daams & Paolo Veneri, 2017. "Living Near to Attractive Nature? A Well-Being Indicator for Ranking Dutch, Danish, and German Functional Urban Areas," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 133(2), pages 501-526, September.
    7. Prendergast, Patrick & Pearson-Merkowitz, Shanna & Lang, Corey, 2019. "The individual determinants of support for open space bond referendums," Land Use Policy, Elsevier, vol. 82(C), pages 258-268.
    8. Piotr Czembrowski & Edyta Łaszkiewicz & Jakub Kronenberg & Gustav Engström & Erik Andersson, 2019. "Valuing individual characteristics and the multifunctionality of urban green spaces: The integration of sociotope mapping and hedonic pricing," PLOS ONE, Public Library of Science, vol. 14(3), pages 1-16, March.
    9. Zene Combrinck & Elizelle Juanee Cilliers & Louis Lategan & Sarel Cilliers, 2020. "Revisiting the Proximity Principle with Stakeholder Input: Investigating Property Values and Distance to Urban Green Space in Potchefstroom," Land, MDPI, Open Access Journal, vol. 9(7), pages 1-16, July.

    More about this item

    JEL classification:

    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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