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Green Space and Apartment Prices: Exploring the Effects of the Green Space Ratio and Visual Greenery

Author

Listed:
  • Jong-Won Lee

    (Department of Forestry and Landscape Architecture, Konkuk University, Seoul 05029, Republic of Korea
    Co-first author, these authors contributed equally to this work.)

  • Sang-Woo Lee

    (Department of Forestry and Landscape Architecture, Konkuk University, Seoul 05029, Republic of Korea
    Co-first author, these authors contributed equally to this work.)

  • Hai Gyong Kim

    (Department of Forestry and Landscape Architecture, Konkuk University, Seoul 05029, Republic of Korea)

  • Hyun-Kil Jo

    (Department of Ecological Landscape Architecture Design, Kangwon National University, Chuncheon 24341, Republic of Korea)

  • Se-Rin Park

    (Department of Forestry and Landscape Architecture, Konkuk University, Seoul 05029, Republic of Korea)

Abstract

Urban green spaces provide various social, economic, health, aesthetic, environmental, and ecological benefits. This study aimed to investigate the influence of green spaces on apartment prices, with a particular emphasis on visual greenery and the proportion of green spaces. Hedonic pricing models have often been used to assess the impact of green spaces on housing prices. Herein, 16 variables were considered as factors affecting housing prices and divided into housing, neighborhood, and green space characteristics. The findings indicate that the presence of green spaces enhanced the value of apartment complexes. Moreover, both visual greenery and the proportion of green spaces within apartment complexes influenced housing prices. Additional analysis demonstrated the impact of green space characteristics within Seoul apartment complexes on housing price changes from 2016 to 2022, finding that higher green space proportions and visual greenery led to approximately 20% higher price increases, and structural equation modeling revealed that the proportion of green spaces within apartment complexes, directly and indirectly, influenced housing prices through visual greenery. Overall, this study emphasized the importance of ensuring well-managed green spaces within and around apartment complexes.

Suggested Citation

  • Jong-Won Lee & Sang-Woo Lee & Hai Gyong Kim & Hyun-Kil Jo & Se-Rin Park, 2023. "Green Space and Apartment Prices: Exploring the Effects of the Green Space Ratio and Visual Greenery," Land, MDPI, vol. 12(11), pages 1-13, November.
    • Handle: RePEc:gam:jlands:v:12:y:2023:i:11:p:2069-:d:1282036
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    References listed on IDEAS

    as
    1. Jongwook Tae & Daeyoung Jeong & Jinhyung Chon, 2022. "How Can Apartment-Complex Landscaping Space Improve Residents’ Psychological Well-Being?: The Case of the Capital Region in South Korea," IJERPH, MDPI, vol. 19(16), pages 1-15, August.
    2. Yiyi Chen & Colin A. Jones & Neil A. Dunse & Enquan Li & Ye Liu, 2023. "Housing Prices and the Characteristics of Nearby Green Space: Does Landscape Pattern Index Matter? Evidence from Metropolitan Area," Land, MDPI, vol. 12(2), pages 1-17, February.
    3. Chucai Peng & Yang Xiang & Luxia Chen & Yangyang Zhang & Zhixiang Zhou, 2023. "The Impact of the Type and Abundance of Urban Blue Space on House Prices: A Case Study of Eight Megacities in China," Land, MDPI, vol. 12(4), pages 1-27, April.
    Full references (including those not matched with items on IDEAS)

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