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Hedonic pricing analysis of the influence of urban green spaces onto residential prices: the case of Leipzig, Germany

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  • Veronika Liebelt
  • Stephan Bartke
  • Nina Schwarz

Abstract

In the light of global urbanization and biodiversity loss, ecosystem services provided by urban green spaces (UGS) are becoming increasingly important, not least as a recovery and recreation opportunity for citizens. The valuation of UGS is significant for urban planners, who make decisions on the creation or removal of UGS. We analysed the influence of UGS on residential property prices in Leipzig, Germany, by applying a hedonic pricing analysis. This analysis complements the existing literature by considering both sale and rental prices for flats and houses; moreover, the shape of UGS is taken into account explicitly; finally, it is the first study in Germany to analyse UGS in hedonic studies to such an extent. The results demonstrate that the size of the nearest UGS has a stronger impact on prices compared to the distance from it. With respect to shape, we found that the simpler the UGS shape, the higher the prices. Although we find an impact of UGS on prices, the impact is smaller than that of other characteristics. The proposed valuation approach and obtained results inform urban planners regarding the design of new UGS and raise awareness about potential intended and unintended economic and social effects.

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  • Veronika Liebelt & Stephan Bartke & Nina Schwarz, 2018. "Hedonic pricing analysis of the influence of urban green spaces onto residential prices: the case of Leipzig, Germany," European Planning Studies, Taylor & Francis Journals, vol. 26(1), pages 133-157, January.
    • Handle: RePEc:taf:eurpls:v:26:y:2018:i:1:p:133-157
    DOI: 10.1080/09654313.2017.1376314
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    1. Allan Din & Martin Hoesli & Andre Bender, 2001. "Environmental Variables and Real Estate Prices," Urban Studies, Urban Studies Journal Limited, vol. 38(11), pages 1989-2000, October.
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    Cited by:

    1. Bello Musa Zango & Sanni Mohammed Lekan & Mohammed Jibrin Katun, 2020. "Conventional Methods in Housing Market Analysis: A Review of Literature," Baltic Journal of Real Estate Economics and Construction Management, Sciendo, vol. 8(1), pages 227-241, January.
    2. Veronika Liebelt & Stephan Bartke & Nina Schwarz, 2019. "Urban Green Spaces and Housing Prices: An Alternative Perspective," Sustainability, MDPI, vol. 11(13), pages 1-21, July.
    3. Jiang, Like & Hagen-Zanker, Alex & Kumar, Prashant & Pritchard, John, 2021. "Equity in job accessibility and environmental quality in a segmented housing market: The case of Greater London," Journal of Transport Geography, Elsevier, vol. 90(C).
    4. Julia Bronnmann & Veronika Liebelt & Fabian Marder & Jasper Meya & Martin Quaas, 2023. "The Value of Naturalness of Urban Green Spaces: Evidence from a Discrete Choice Experiment," Land Economics, University of Wisconsin Press, vol. 99(4), pages 528-542.
    5. Vallecillo, Sara & La Notte, Alessandra & Zulian, Grazia & Ferrini, Silvia & Maes, Joachim, 2019. "Ecosystem services accounts: Valuing the actual flow of nature-based recreation from ecosystems to people," Ecological Modelling, Elsevier, vol. 392(C), pages 196-211.
    6. Łaszkiewicz, Edyta & Heyman, Axel & Chen, Xianwen & Cimburova, Zofie & Nowell, Megan & Barton, David N, 2022. "Valuing access to urban greenspace using non-linear distance decay in hedonic property pricing," Ecosystem Services, Elsevier, vol. 53(C).
    7. Santos Eulália & Tavares Fernando, 2021. "The Profile of Portuguese People when Choosing an Apartment," Real Estate Management and Valuation, Sciendo, vol. 29(2), pages 38-51, June.
    8. 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).
    9. Anna Széchy & Zsuzsanna Szerényi, 2023. "Valuing the Recreational Services Provided by Hungary’s Forest Ecosystems," Sustainability, MDPI, vol. 15(5), pages 1-16, February.
    10. Cohen, Jeffrey P. & Schaffner, Sandra, 2019. "A new highway in Germany and the impacts on real estate prices," Ruhr Economic Papers 821, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    11. Lena Ali & Annegret Haase & Stefan Heiland, 2020. "Gentrification through Green Regeneration? Analyzing the Interaction between Inner-City Green Space Development and Neighborhood Change in the Context of Regrowth: The Case of Lene-Voigt-Park in Leipz," Land, MDPI, vol. 9(1), pages 1-24, January.
    12. Ratzke, Leonie, 2023. "Revealing preferences for urban biodiversity as an environmental good," Ecological Economics, Elsevier, vol. 212(C).
    13. Navratil, Josef & Picha, Kamil & Martinat, Stanislav & Nathanail, Paul C. & Tureckova, Kamila & Holesinska, Andrea, 2018. "Resident’s preferences for urban brownfield revitalization: Insights from two Czech cities," Land Use Policy, Elsevier, vol. 76(C), pages 224-234.
    14. Fernandez, Mario Andres & Bucaram, Santiago, 2019. "The changing face of environmental amenities: Heterogeneity across housing submarkets and time," Land Use Policy, Elsevier, vol. 83(C), pages 449-460.
    15. Randhi Atiqi & Muhammad Dimyati & Ahmad Gamal & Rizki Pramayuda, 2022. "Appraisal of Building Price in Urban Area Using Light Detection and Ranging (LiDAR) Data in Depok City," Land, MDPI, vol. 11(8), pages 1-15, August.
    16. Mulatu, Dawit Woubishet & Ginbo, Tsegaye, 2018. "Residential Pricing in Addis Ababa: Do Urban Green Amenities Influence Residents’ Preferences for a House?," Ethiopian Journal of Economics, Ethiopian Economics Association, vol. 27(02), October.
    17. Hammerle, Mara & White, Lee V. & Sturmberg, Bjorn, 2023. "Solar for renters: Investigating investor perspectives of barriers and policies," Energy Policy, Elsevier, vol. 174(C).
    18. Hyunki Hong & Hoyong Jung & Duol Kim, 2024. "The Value of an Apartment with Sunlight and a View: A Quasi-Experimental Analysis," Korean Economic Review, Korean Economic Association, vol. 40, pages 177-194.
    19. Liebelt, Veronika & Bartke, Stephan & Schwarz, Nina, 2018. "Revealing Preferences for Urban Green Spaces: A Scale-sensitive Hedonic Pricing Analysis for the City of Leipzig," Ecological Economics, Elsevier, vol. 146(C), pages 536-548.
    20. Jagoda Adamus, 2023. "How Much Are Public Spaces Worth? Non-Market Valuation Methods in Valuing Public Spaces," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 2, pages 66-89.
    21. Nina Schwarz & Annegret Haase & Dagmar Haase & Nadja Kabisch & Sigrun Kabisch & Veronika Liebelt & Dieter Rink & Michael W. Strohbach & Juliane Welz & Manuel Wolff, 2021. "How Are Urban Green Spaces and Residential Development Related? A Synopsis of Multi-Perspective Analyses for Leipzig, Germany," Land, MDPI, vol. 10(6), pages 1-16, June.

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