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Impact of Large-scale Residential Construction Projects on Land Values

Author

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  • Jan Hendrik Lukowski

Abstract

This paper investigates how the announcement of three different large-scale residential construction projects impacts land values of multi-story residential buildings in Hamburg, Germany. Applying a difference-in-difference approach the study finds that land values within a radius of 1,500 m may experience either positive or negative effects. The impact depends critically on how the projects are expected to change the existing amenities and disamenities. We uncover price changes in land values spanning from -4% to +22%. The study shows that projects with an overlapping area of impact should be considered in one regression and that projects that are located far from one another can be analyzed in one or in separate regressions.

Suggested Citation

  • Jan Hendrik Lukowski, 2019. "Impact of Large-scale Residential Construction Projects on Land Values," ERES eres2019_95, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2019_95
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2019-95
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    More about this item

    Keywords

    Exogenous shocks; Hamburg; Germany; Land Values; Large-scale construction projects;
    All these keywords.

    JEL classification:

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

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