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The Effect of Age-Restricted Housing on Surrounding House Prices

Author

Listed:
  • Tanja Tyvimaa
  • Karen Gibler
  • Velma Zahirovic-Herbert

Abstract

The value of property in residential neighborhoods depends, in part, on the surrounding housing stock due to the effect of housing externalities. We investigate the impact of age-restricted housing on the price of neighboring condominiums in Tampere, Finland. A spatial pattern emerges in all our specifications: age-restricted housing implies an increase in surrounding housing values within a radius of 200 meters of up to 2.65% and up to another 2.47% increase for an additional age-restricted property within 400 meters. The positive spillover effect of owner-occupied age-restricted housing is larger than that of rental housing. The positive effect of senior houses on surrounding properties is diminished if the age-restricted property has an onsite nursing care unit. In addition, the positive effects of age-restricted houses are not extended to assisted living facilities.

Suggested Citation

  • Tanja Tyvimaa & Karen Gibler & Velma Zahirovic-Herbert, 2015. "The Effect of Age-Restricted Housing on Surrounding House Prices," ERES eres2015_218, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2015_218
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2015-218
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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