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The value of the greenbelt in Vienna: a spatial hedonic analysis

Author

Listed:
  • Shanaka Herath

    (Faculty of the Built Environment - Faculty of the Built Environment - Faculty of the Built Environment)

  • Johanna Choumert

    (CERDI - Centre d'Études et de Recherches sur le Développement International - UdA - Université d'Auvergne - Clermont-Ferrand I - CNRS - Centre National de la Recherche Scientifique)

  • Gunther Maier

    (Institute for Multilevel Governance and Development - Research Institute for Spatial and Real Estate - University of Economics and Business)

Abstract

This paper employs the hedonic price method to examine whether the implicit value of the greenbelt is capitalized into apartment prices in the city of Vienna, Austria. We improve the traditional model using spatial econometric techniques and compare the estimates from different spatial models, namely the spatial lag model, the spatial error model, and the spatial Durbin model (SDM). While our use of spatial models addresses the common problem of omitted variable bias, the SDM specifically allows for controlling possible nearby proximity effects (i.e., small-scale neighborhood) that are rarely included in this type of analyses. Findings indicate that distance from the greenbelt is important in explaining apartment prices in Vienna and that the greenbelt exerts a centrifugal force. The SDM is found to be the best performing model indicating the existence of small-scale neighborhood effects and presenting a solid case for the consideration of this model in valuation of green amenities.

Suggested Citation

  • Shanaka Herath & Johanna Choumert & Gunther Maier, 2015. "The value of the greenbelt in Vienna: a spatial hedonic analysis," Post-Print halshs-01167218, HAL.
    • Handle: RePEc:hal:journl:halshs-01167218
    DOI: 10.1007/s00168-015-0657-1
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    Cited by:

    1. Johanna Choumert & N. Eric Kéré & Amandine Loyal Laré-Dondarini, 2016. "A Multi-Level Housing Hedonic Analysis of Water and Sanitation Access," Economics Bulletin, AccessEcon, vol. 36(2), pages 1010-1037.
    2. Polixeni Iliopoulou & Elissavet Feloni, 2022. "Spatial Modelling and Geovisualization of House Prices in the Greater Athens Region, Greece," Geographies, MDPI, vol. 2(1), pages 1-21, February.
    3. Dongkwan Lee & Choongik Choi, 2021. "An Analysis of the Effects of Development-Restricted Areas on Land Price Using Spatial Analysis," Land, MDPI, vol. 10(6), pages 1-21, June.
    4. Masood Gheasi & Noriko Ishikawa & Karima Kourtit & Peter Nijkamp, 2019. "A meta-analysis of human health differences in urban and rural environments," Letters in Spatial and Resource Sciences, Springer, vol. 12(3), pages 167-186, December.
    5. Wun-Jheng Wu & Pei-Ing Wu & Je-Liang Liou, 2021. "Boon or Bane: Effect of Adjacent YIMBY or NIMBY Facilities on the Benefit Evaluation of Open Spaces or Cropland," Sustainability, MDPI, vol. 13(7), pages 1-20, April.
    6. Shinsuke Kyoi, 2021. "People’s Avoidance of Neighboring Agricultural Urban Green Infrastructure: Evidence from a Choice Experiment," Sustainability, MDPI, vol. 13(12), pages 1-26, June.
    7. Radosław Trojanek, 2016. "The impact of green areas on dwelling prices: the case of Poznań city," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 4(2), pages 27-35.
    8. Shanaka Herath, 2021. "Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision," Land, MDPI, vol. 10(11), pages 1-14, November.
    9. Matthew Gnagey & Therese Grijalva, 2018. "The impact of trails on property values: a spatial analysis," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(1), pages 73-97, January.
    10. Capucine Chapel & Mohamed Hilal & Julie Le Gallo, 2025. "Review and challenges in the economic valuation of green spaces," Economics and Business Letters, Oviedo University Press, vol. 14(1), pages 63-74.
    11. Ulrich B. Morawetz & H. Allen Klaiber, 2022. "Does housing policy impact income sorting near urban amenities? Evidence from Vienna, Austria," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 69(2), pages 411-454, October.

    More about this item

    Keywords

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    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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