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An economic estimate of the effect of a waterside location on property values

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  • Guy Garrod
  • Ken Willis

Abstract

Since the rise of the railway, and the later development of road transport, the economic value of inland waterways in the UK as freight carriers has steadily declined. The reduction in the economic importance of canals has been somewhat offset by their growing popularity as a recreational resource, and by the amenity value which they provide to that part of the population living in close proximity to them. Focussing on two case study areas, this paper uses an hedonic price model to estimate the economic benefits which residents gain from a waterside location. These benefits may have important policy implications for those bodies who own undeveloped land bordering waterways. Copyright Kluwer Academic Publishers 1994

Suggested Citation

  • Guy Garrod & Ken Willis, 1994. "An economic estimate of the effect of a waterside location on property values," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 4(2), pages 209-217, April.
    • Handle: RePEc:kap:enreec:v:4:y:1994:i:2:p:209-217
    DOI: 10.1007/BF00692204
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    References listed on IDEAS

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    1. Phil Graves & James C. Murdoch & Mark A. Thayer & Don Waldman, 1988. "The Robustness of Hedonic Price Estimation: Urban Air Quality," Land Economics, University of Wisconsin Press, vol. 64(3), pages 220-233.
    2. Guy Garrod & Ken Willis, 1992. "The amenity value of woodland in Great Britain: A comparison of economic estimates," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 2(4), pages 415-434, July.
    3. Follain, James R. & Jimenez, Emmanuel, 1985. "Estimating the demand for housing characteristics: A survey and critique," Regional Science and Urban Economics, Elsevier, vol. 15(1), pages 77-107, February.
    4. Brookshire, David S, et al, 1982. "Valuing Public Goods: A Comparison of Survey and Hedonic Approaches," American Economic Review, American Economic Association, vol. 72(1), pages 165-177, March.
    5. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-675, November.
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    Cited by:

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    2. Peng, Cong & Gibbons, Stephen & Tang, Cheng Keat, 2019. "Valuing the environmental benefits of canals using house prices," LSE Research Online Documents on Economics 102620, London School of Economics and Political Science, LSE Library.
    3. Polyakov, Maksym & Iftekhar, Md Sayed & Fogarty, James & Buurman, Joost, 2022. "Renewal of waterways in a dense city creates value for residents," Ecological Economics, Elsevier, vol. 199(C).
    4. Stephen Gibbons & Cong Peng & Cheng Keat Tang, 2021. "Valuing the Environmental Benefits of Canals and Canal Restoration Using House Prices," Land Economics, University of Wisconsin Press, vol. 97(4), pages 858-874.
    5. Chich-Ping Hu & Tai-Shan Hu & Peilei Fan & Hai-Ping Lin, 2020. "The Urban Blight Costs in Taiwan," Sustainability, MDPI, vol. 13(1), pages 1-16, December.
    6. Nick Hanley & Felix Schlapfer, "undated". "What determines the demand for programmes providing local environmental public goods," Working Papers 2001_7, Business School - Economics, University of Glasgow.
    7. Akbari, Saloomeh & Polyakov, Maksym & Iftekhar, Md Sayed, 2023. "Capitalised nonmarket benefits of multifunctional water-sensitive urban infrastructure: A case of living streams," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 67(04), August.
    8. Polyakov, Maksym & Fogarty, James & Zhang, Fan & Pandit, Ram & Pannell, David J., 2015. "The value of restoring urban drains to living streams," Working Papers 206300, University of Western Australia, School of Agricultural and Resource Economics.
    9. Rakesh Paliwal & Gejo Geevarghese & P. Ram Babu & P. Khanna, 1999. "Valuation of Landmass Degradation Using Fuzzy Hedonic Method: A Case Study of National Capital Region," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 14(4), pages 519-543, December.

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