Housing Prices and the Characteristics of Nearby Green Space: Does Landscape Pattern Index Matter? Evidence from Metropolitan Area

Yiyi Chen, Colin Anthony Jones, Neil A. Dunse, Enquan Li, Ye Liu

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)
130 Downloads (Pure)

Abstract

This study aimed to examine the association between housing prices and green space characteristics with a special focus on exploring the effects of the shape pattern index. The research was based on a hedonic price model across two main distance buffers from residential properties to urban green spaces. Green spaces were characterized by size and shape measured by a landscape shape index (LSI). This study was based on 16,222 housing transaction data obtained from the website of real estate agencies during December 2019 in the Metropolitan Area of Beijing. Linear regression and semi-log regression analysis were used to examine the associations between independent housing and neighborhood characteristic variables and housing prices. The results suggested that a one-unit increase in the natural logarithm of the landscape shape index (LSI) can increase housing prices by 4% (5543 CNY ≈ 826 USD). Such marginal effects were more pronounced for residences located close to urban green spaces and tended to decay as the distance from residences to green spaces increased. Additional analysis captured the marginal effects of the natural logarithm of the landscape shape index (LSI > 1.3) on achieving the maximum monetary evaluation of the property. The findings of this study suggest that the effects of specific green space characteristics on housing prices should be taken into account in landscape and urban design taken into account in landscape and urban design.
Original languageEnglish
Article number496
JournalLand
Volume12
Issue number2
Early online date16 Feb 2023
DOIs
Publication statusPublished - Feb 2023

Keywords

  • distance decay effect
  • green space
  • hedonic price model
  • housing price
  • landscape shape index (LSI)
  • shape pattern index

ASJC Scopus subject areas

  • Nature and Landscape Conservation
  • Global and Planetary Change
  • Ecology

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