Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/219860
Title: THE HEDONIC PRICES OF DISTANCE TO PARKS : AN EMPIRICAL STUDY ON CHANGSHA CITY OF CHINA
Authors: WANG XIZHU
Keywords: Real Estate
Issue Date: 28-May-2009
Citation: WANG XIZHU (2009-05-28T10:47:21Z). THE HEDONIC PRICES OF DISTANCE TO PARKS : AN EMPIRICAL STUDY ON CHANGSHA CITY OF CHINA. ScholarBank@NUS Repository.
Abstract: Urban greenery areas such as urban public parks are highly valued by city planners as such areas are crucial in reducing the urban heat island effect and maintaining a quality urban ecology. Moreover, such areas, which represent better living environments, are being increasingly valued by Chinese people as suggested by previous research. However, the research for Chinese cities on how park accessibility affects housing prices is still limited due to the constraint in data availability. Methodologies adopted in related studies are also to be improved since research on this topic is still in an initial stage in China. This study thus tries to fill in the research gap by first, collecting a unique dataset from various open sources containing all housing properties which were launched and sold in 2008 and their longitudes and latitudes, in Changsha city, China. Together with these geographic co-ordinates of urban public parks, the actual distances between each and every property and public parks are calculated. A hedonic pricing model is then used to estimate the impact of actual distance between housing properties and their nearest public parks on housing sale prices. The study finds that there is a significant negative effect of the distance to the nearest park on the housing sale price. Furthermore, urban parks tend to have a greater impact on housing prices than natural area parks. These results have implications on the municipal government's potential urban planning policies for financing the provision of urban public parks.
URI: https://scholarbank.nus.edu.sg/handle/10635/219860
Appears in Collections:Bachelor's Theses

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