MIXED-USE DEVELOPMENTS AND RESIDENTIAL PROPERTY VALUES

Abstract

This dissertation seeks to examine the impact of mixed-use developments on values of properties proximate to it. In addition, it attempts to assess the price influence of the synergy between different uses in an integrated development. It was perceived that mixed-use developments will improve the quality of living for the neighbourhood it supports by reducing traffic congestion within the area and introducing a complementary mix of uses to the residents. Hence, the distance between the mixed-use developments and residential properties is used as the measure these advantages have on housing prices. Since the mixed-use development is an acclaimed concept, it will be noteworthy to study the impact of contribution each component of the mixed-use have on its prices. For this study, five study areas, with a mixed-use development at the center, are selected and six other mixed-use developments are chosen to explore the synergistic effects within the mixed-uses. After rigorous multiple regression analyses were conducted, results show that only public residential property command an increase in price of 17.65% with every kilometre nearer to mixed-use developments. Private residential properties prices are negatively impacted by its proximity to mixed-use developments. However, the extent of its influence on the property prices is not continuous over distance. Within integrated developments, only the prices of the retail and office command a premium of 27.39% and 21.17% respectively.