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Article: External effects of neighbourhood parks and landscape elements on high-rise residential value

TitleExternal effects of neighbourhood parks and landscape elements on high-rise residential value
Authors
KeywordsCompact city
Environmental welfare
Hedonic pricing
Hong Kong
Housing price
Neighbourhood park
Sustainable city
Urban greenspace
Urban landscape
Issue Date2010
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/landusepol
Citation
Land Use Policy, 2010, v. 27 n. 2, p. 662-670 How to Cite?
AbstractNeighbourhood parks provide recreation opportunities and amenity to nearby residents and improve the quality of the environment and life. Their provision and protection could be facilitated by a deeper understanding of their multiple values. The hedonic pricing method, using statistical techniques to estimate the part of a price due to a particular attribute of a commodity, assessed the external effects of neighbourhood parks on the transaction price of high-rise private residential units in Hong Kong. The empirical results derived from 1471 transactions in a district indicated that neighbourhood parks could lift price by 16.88%, including 14.93% for availability and 1.95% for view. Comparing with other landscape elements, neighbourhood parks induced the heaviest investment intention in home-buying behaviour. Harbour view attracted a premium of 5.1%, but mountain view was surprisingly not welcomed. Street view, considered as unappealing, suppressed price. Residents were insensitive to building landscape due to its ubiquity in the compact city. The scarcity of neighbourhood parks in the city has pushed their hedonic value to an exceptionally high level, providing guidance to revamp the policies, planning and management of urban greenspaces in tandem with the sustainable city quest. © 2009 Elsevier Ltd. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/125590
ISSN
2015 Impact Factor: 2.768
2015 SCImago Journal Rankings: 1.438
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorJim, CYen_HK
dc.contributor.authorChen, WYen_HK
dc.date.accessioned2010-10-31T11:40:10Z-
dc.date.available2010-10-31T11:40:10Z-
dc.date.issued2010en_HK
dc.identifier.citationLand Use Policy, 2010, v. 27 n. 2, p. 662-670en_HK
dc.identifier.issn0264-8377en_HK
dc.identifier.urihttp://hdl.handle.net/10722/125590-
dc.description.abstractNeighbourhood parks provide recreation opportunities and amenity to nearby residents and improve the quality of the environment and life. Their provision and protection could be facilitated by a deeper understanding of their multiple values. The hedonic pricing method, using statistical techniques to estimate the part of a price due to a particular attribute of a commodity, assessed the external effects of neighbourhood parks on the transaction price of high-rise private residential units in Hong Kong. The empirical results derived from 1471 transactions in a district indicated that neighbourhood parks could lift price by 16.88%, including 14.93% for availability and 1.95% for view. Comparing with other landscape elements, neighbourhood parks induced the heaviest investment intention in home-buying behaviour. Harbour view attracted a premium of 5.1%, but mountain view was surprisingly not welcomed. Street view, considered as unappealing, suppressed price. Residents were insensitive to building landscape due to its ubiquity in the compact city. The scarcity of neighbourhood parks in the city has pushed their hedonic value to an exceptionally high level, providing guidance to revamp the policies, planning and management of urban greenspaces in tandem with the sustainable city quest. © 2009 Elsevier Ltd. All rights reserved.en_HK
dc.languageengen_HK
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/landusepolen_HK
dc.relation.ispartofLand Use Policyen_HK
dc.rightsLand Use Policy. Copyright © Elsevier Science.en_HK
dc.subjectCompact cityen_HK
dc.subjectEnvironmental welfareen_HK
dc.subjectHedonic pricingen_HK
dc.subjectHong Kongen_HK
dc.subjectHousing priceen_HK
dc.subjectNeighbourhood parken_HK
dc.subjectSustainable cityen_HK
dc.subjectUrban greenspaceen_HK
dc.subjectUrban landscapeen_HK
dc.titleExternal effects of neighbourhood parks and landscape elements on high-rise residential valueen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0264-8377&volume=27&spage=662&epage=670&date=2010&atitle=External+Effects+of+Neighbourhood+Parks+and+Landscape+Elements+on+High-rise+Residential+Valueen_HK
dc.identifier.emailJim, CY:hragjcy@hkucc.hku.hken_HK
dc.identifier.authorityJim, CY=rp00549en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.landusepol.2009.08.027en_HK
dc.identifier.scopuseid_2-s2.0-70449670372en_HK
dc.identifier.hkuros180503en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-70449670372&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume27en_HK
dc.identifier.issue2en_HK
dc.identifier.spage662en_HK
dc.identifier.epage670en_HK
dc.identifier.isiWOS:000273110500058-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridJim, CY=7006143750en_HK
dc.identifier.scopusauthoridChen, WY=7409636917en_HK
dc.identifier.citeulike5842341-

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