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Urban green spaces and housing prices in developing countries: A Two-stage quantile spatial regression analysis

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  • Zambrano-Monserrate, Manuel A.
  • Ruano, María Alejandra
  • Yoong-Parraga, Cristina
  • Silva, Carlos A.

Abstract

Urban Green Spaces (UGS) provide various environmental benefits to nature and are essential for people's overall well-being. UGS regulate temperature and humidity, absorb pollutants, and reduce soil erosion. Also, they improve the emotional and physical well-being of people and increase the environmental awareness of citizens. Due to its great importance, various studies have sought to economically quantify its value through the housing market. However, the households' heterogeneity and the vegetation index of the UGS have not been analyzed together. In this study, we show that a developing country's population values the UGS (economically). Still, that valuation depends on the housing submarket and the interaction between “distance” and vegetation index. For example, for small parks, the interaction between “distance” and vegetation index is significant only in the highest and lowest conditional quantiles. For medium and large parks, the interaction is significant only from the 50th and 30th percentiles, respectively. On the other hand, for small, medium, and large forests, the interactive variable is significant starting from the 50th, 70th, and 80th percentiles, respectively. We, also make recommendations for public policy.

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  • Zambrano-Monserrate, Manuel A. & Ruano, María Alejandra & Yoong-Parraga, Cristina & Silva, Carlos A., 2021. "Urban green spaces and housing prices in developing countries: A Two-stage quantile spatial regression analysis," Forest Policy and Economics, Elsevier, vol. 125(C).
    • Handle: RePEc:eee:forpol:v:125:y:2021:i:c:s1389934121000265
    DOI: 10.1016/j.forpol.2021.102420
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    Cited by:

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    2. Xinxing Yang & Qiang Ye & You Peng & Shaobo Liu & Tao Feng, 2024. "Effects of Urban Parks on Housing Prices in the Post-COVID-19 Pandemic Era in China," Land, MDPI, vol. 13(4), pages 1-17, April.
    3. Siqi Feng & Yuefei Zhuo & Zhongguo Xu & Yang Chen & Guan Li & Xueqi Wang, 2024. "Nature’s Neighborhood: The Housing Premium of Urban Parks in Dense Cities," Land, MDPI, vol. 13(10), pages 1-19, October.
    4. Giulia Guerri & Alfonso Crisci & Irene Cresci & Luca Congedo & Michele Munafò & Marco Morabito, 2022. "Residential Buildings’ Real Estate Values Linked to Summer Surface Thermal Anomaly Patterns and Urban Features: A Florence (Italy) Case Study," Sustainability, MDPI, vol. 14(14), pages 1-22, July.
    5. Yonglin Zhang & Xiao Fu & Chencan Lv & Shanlin Li, 2021. "The Premium of Public Perceived Greenery: A Framework Using Multiscale GWR and Deep Learning," IJERPH, MDPI, vol. 18(13), pages 1-16, June.
    6. Manuel A. Zambrano-Monserrate & Maria Alejandra Ruano & Carlos A. Silva & Ronald Campoverde & Christian Rosero & Daniel A. Sanchez-Loor, 2023. "Dynamism of the housing rental market in Guayaquil, Ecuador: an empirical analysis," Empirical Economics, Springer, vol. 64(2), pages 747-764, February.
    7. Yang Li & Lei Zhang, 2023. "Collaborative Governance and Environmental Regulation Measures for Pollution Reduction and Carbon Reduction in the Yangtze River Basin under the “Double Carbon” Goal," Sustainability, MDPI, vol. 15(6), pages 1-17, March.

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