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Leverage Effect of New-Built Green Spaces on Housing Prices in a Rapidly Urbanizing Chinese City: Regional Disparities, Impact Periodicity, and Park Size

Author

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  • Siqi Yu

    (College of Landscape Architecture, Nanjing Forestry University, Nanjing 210037, China)

  • Shuxian Hu

    (College of Landscape Architecture, Nanjing Forestry University, Nanjing 210037, China)

  • Yujie Ren

    (College of Landscape Architecture, Nanjing Forestry University, Nanjing 210037, China)

  • Hao Xu

    (College of Landscape Architecture, Nanjing Forestry University, Nanjing 210037, China)

  • Weixuan Song

    (College of Geography and Remote Sensing, Hohai University, Nanjing 210037, China)

Abstract

While newly built urban green spaces aim to address environmental concerns, the resulting green gentrification and social inequality caused by escalating property values have become critical topics of urban socio-spatial research. To prevent green initiatives from becoming unaffordable for their intended beneficiaries in rapidly urbanizing cities, it is essential to examine the spatial and temporal relationships between the construction of new green spaces and rising housing prices. This study employs a difference-in-differences methodology to analyze regional disparities, impact periodicity, and the influence of park size on housing prices, using Nanjing, China as a case study. This result reveals that the introduction of new-built parks in Nanjing significantly impacts housing prices within an 800 m radius. The premium effect of these parks is substantially higher in urban core areas compared to suburban locales, demonstrating spatial differentials. Suburban parks temporally exhibit a prolonged lag and a shorter premium impact duration. Moreover, among various park areas, medium-sized parks demonstrate the most pronounced leverage effect, approximately double that of large parks, while small parks do not significantly affect housing prices. To mitigate the exacerbation of premium effects and enhance social justice in green strategies, we advocate prioritizing the development of small parks, particularly in urban core areas, and leveraging the temporal delay in new-built park impacts for urban policy interventions.

Suggested Citation

  • Siqi Yu & Shuxian Hu & Yujie Ren & Hao Xu & Weixuan Song, 2024. "Leverage Effect of New-Built Green Spaces on Housing Prices in a Rapidly Urbanizing Chinese City: Regional Disparities, Impact Periodicity, and Park Size," Land, MDPI, vol. 13(10), pages 1-17, October.
    • Handle: RePEc:gam:jlands:v:13:y:2024:i:10:p:1663-:d:1497300
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    References listed on IDEAS

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    1. Sisman, S. & Aydinoglu, A.C., 2022. "A modelling approach with geographically weighted regression methods for determining geographic variation and influencing factors in housing price: A case in Istanbul," Land Use Policy, Elsevier, vol. 119(C).
    2. Sun, Liyang & Abraham, Sarah, 2021. "Estimating dynamic treatment effects in event studies with heterogeneous treatment effects," Journal of Econometrics, Elsevier, vol. 225(2), pages 175-199.
    3. Goodman-Bacon, Andrew, 2021. "Difference-in-differences with variation in treatment timing," Journal of Econometrics, Elsevier, vol. 225(2), pages 254-277.
    4. Callaway, Brantly & Sant’Anna, Pedro H.C., 2021. "Difference-in-Differences with multiple time periods," Journal of Econometrics, Elsevier, vol. 225(2), pages 200-230.
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