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Influence of Recreational, Landscape and Protective Functions on the Value of Forest, Wooded and Bushy Properties in Urbanized Areas on the Example of the Local Market of the City of Krakow

Author

Listed:
  • Zygmunt Robert

    (Department of Forest Resources Management, University of Agriculture in Krakow)

  • Gaca Radosław

    (Independent Scientist and Real Estate Valuer)

Abstract

The paper presents a proposal for an approach to the valuation of forest, wooded and bushy real estate located in cities, which allows for the assessment of the impact of natural, protective and landscape factors on the value of this type of real estate. The main problem in the valuation of this type of real estate is the correct estimation of the impact on the value of the non-production factors described above. Considering the above, the main goal of the study was to identify the factors influencing the prices and value of forested, wooded and shrubby properties located in urbanized areas. The supplementary goal was to confirm the suitability of the methods and statistical models used in the study for similar measurements. By implementing the adopted goals, the article presents an analysis of the impact of these factors on the prices and value of real estate. The study covered the southwest part of the city of Kraków, located between the Vistula River and the Kraków-Rzeszów railway line in the north and east, and the southern and western border of the city. Urban forests perform mainly social functions, constituting only a marginal source of wood raw material. The results of the study showed that, in the case of similar properties, prices are significantly influenced by factors such as location, type and nature of the surroundings, form of access to the road, landscape and recreational values, manner of use and development status, as well as the permissible form of development, which is a measure of the profitability of timber production. The work ended with a discussion on the results and proposed directions for further research.

Suggested Citation

  • Zygmunt Robert & Gaca Radosław, 2021. "Influence of Recreational, Landscape and Protective Functions on the Value of Forest, Wooded and Bushy Properties in Urbanized Areas on the Example of the Local Market of the City of Krakow," Real Estate Management and Valuation, Sciendo, vol. 29(4), pages 1-9, December.
    • Handle: RePEc:vrs:remava:v:29:y:2021:i:4:p:1-9:n:2
    DOI: 10.2478/remav-2021-0025
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    References listed on IDEAS

    as
    1. William S. Hendon, 1971. "The Park as a Determinant of Property Values," American Journal of Economics and Sociology, Wiley Blackwell, vol. 30(3), pages 289-300, July.
    2. José A. LugoSantiago, 2020. "Leadership and Strategic Foresight in Smart Cities," Springer Books, Springer, number 978-3-030-49020-1, January.
    3. Zygmunt, Robert & Gluszak, Michal, 2015. "Forest proximity impact on undeveloped land values: A spatial hedonic study," Forest Policy and Economics, Elsevier, vol. 50(C), pages 82-89.
    4. Jacek Batóg & Iwona Foryś & Radosław Gaca & Michał Głuszak & Jan Konowalczuk, 2019. "Investigating the Impact of Airport Noise and Land Use Restrictions on House Prices: Evidence from Selected Regional Airports in Poland," Sustainability, MDPI, vol. 11(2), pages 1-18, January.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    real estate market; property valuation; city park and urban landscape; sustainable city; urban greenspace;
    All these keywords.

    JEL classification:

    • C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other
    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • R39 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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