IDEAS home Printed from https://ideas.repec.org/p/vua/wpaper/2008-24.html
   My bibliography  Save this paper

Valuation of open space: Hedonic house price analyses in the Dutch Randstad region

Author

Listed:
  • Dekkers, J.

    (Vrije Universiteit Amsterdam, Faculteit der Economische Wetenschappen en Econometrie (Free University Amsterdam, Faculty of Economics Sciences, Business Administration and Economitrics)

  • Koomen, E.

Abstract

In this paper, we aim to reveal the monetary value of open space by using a hedonic pricing model of residential property values. The analysis is supported by the use of Geographic Information Systems (GIS). We present three local Dutch housing market case studies in the Randstad region. In all studies we distinguish open space on three different scale levels, ranging from a view of a small local open space to the proximity of large regional open space for recreational purposes. We find that a view of open space, ceteris paribus, increases house prices 4 to 8 percent. We also observe that the availability of local open space within 25 metres of residences has a substantial positive impact on house prices. In two of the three selected housing market areas this positive impact is even found up to 50 metres. The contribution of larger areas of regional open space to house prices cannot be established unequivocally, as its impact ranges from positive to negative depending on the studied area.

Suggested Citation

  • Dekkers, J. & Koomen, E., 2008. "Valuation of open space: Hedonic house price analyses in the Dutch Randstad region," Serie Research Memoranda 0024, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  • Handle: RePEc:vua:wpaper:2008-24
    as

    Download full text from publisher

    File URL: http://degree.ubvu.vu.nl/repec/vua/wpaper/pdf/20080024.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Anselin, Luc & Bera, Anil K. & Florax, Raymond & Yoon, Mann J., 1996. "Simple diagnostic tests for spatial dependence," Regional Science and Urban Economics, Elsevier, vol. 26(1), pages 77-104, February.
    2. Bera, Anil K. & Yoon, Mann J., 1993. "Specification Testing with Locally Misspecified Alternatives," Econometric Theory, Cambridge University Press, vol. 9(04), pages 649-658, August.
    3. Eric Koomen & Tom Kuhlman & Jan Groen & Arno Bouwman, 2005. "Simulating The Future Of Agricultural Land Use In The Netherlands," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 96(2), pages 218-224, April.
    4. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.
    5. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    6. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    7. Evelien Van Rij & Jasper Dekkers & Eric Koomen, 2008. "Analysing The Success Of Open Space Preservation In The Netherlands: The Midden-Delfland Case," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 99(1), pages 115-124, February.
    8. Frederick V. Waugh, 1928. "Quality Factors Influencing Vegetable Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 10(2), pages 185-196.
    9. I.J. Bateman & A.P. Jones & A.A. Lovett & I.R. Lake & B.H. Day, 2002. "Applying Geographical Information Systems (GIS) to Environmental and Resource Economics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(1), pages 219-269, June.
    10. Mansfield, Carol & Pattanayak, Subhrendu K. & McDow, William & McDonald, Robert & Halpin, Patrick, 2005. "Shades of Green: Measuring the value of urban forests in the housing market," Journal of Forest Economics, Elsevier, vol. 11(3), pages 177-199, December.
    11. Jasper Dekkers & Willemijn van der Straaten, 2008. "Monetary Valuation of Aircraft Noise," Tinbergen Institute Discussion Papers 08-064/3, Tinbergen Institute.
    12. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
    13. Richard C. Ready & Charles W. Abdalla, 2005. "The Amenity and Disamenity Impacts of Agriculture: Estimates from a Hedonic Pricing Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(2), pages 314-326.
    14. Tyrvainen, Liisa & Miettinen, Antti, 2000. "Property Prices and Urban Forest Amenities," Journal of Environmental Economics and Management, Elsevier, vol. 39(2), pages 205-223, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. -, 2011. "Are we building competitive and liveable cities?: Guidelines for developing eco-efficient and socially inclusive infrastructure," Coediciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 37700 edited by Escap.

    More about this item

    Keywords

    Land use; open space; valuation; hedonic price theory; GIS;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vua:wpaper:2008-24. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (R. Dam). General contact details of provider: http://edirc.repec.org/data/fewvunl.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.