A Hedonic Urban Land Price Index

Glumac, Brano; Herrera‐Gomez, Marcos; Licheron, Julien; Lahtinen, Ritta; Jaskara, Kalle

doi:10.15396/eres2018_149

Cited by 16 publications

(15 citation statements)

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“…The HP method has been widely used to investigate the effects of urban quality on real estate prices. Glumac et al [ 23 ], starting from a dataset of Luxembourg real estate transactions, investigated the relationship between quality improvements influence and the price of land. Boscacci et al [ 24 ] valued the positive effects generated by the redevelopment of the Navigli area in Milan by a hedonic model.…”

Section: The Integrated Evaluation Frameworkmentioning

confidence: 99%

Evaluating the Urban Quality Through a Hybrid Approach: Application in the Milan (Italy) City Area

Oppio

Bottero

Dell’Anna

et al. 2020

Computational Science and Its Applications – ICCSA 2020

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Urban planning can support the optimal exploitation of the resources available in an urban system with specific reference to the accessibility of goods and services by an increase of the quality of the public space. In this perspective, knowing the economic effects generated by urban planning choices can be fundamental to guide decision-making processes. For this purpose, a research work which proposes a method for defining a synthetic index through the Multi-Attribute Value Theory to describe urban quality is presented. The synthetic index proposed in this study reflects the public open spaces, accessibility and provision of services qualities of the urban context. Besides, this study estimates these advantages through the hedonic prices method, analyzing the residential market. The combined methodology has been applied in detail to three districts located in the Municipality of Milan (Italy). The simultaneous reading of the indices used to spatialise the urban quality levels allows identifying the extrinsic characteristics of the three neighbourhoods analyzed. Considering the changes induced on house prices, the results of the hedonic models show that the economic impacts generated by low levels of urban quality are significant. Accordingly, the policies that aim to transform the existing urban fabric become fundamental for the creation of economic and social value.

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Section: The Integrated Evaluation Frameworkmentioning

confidence: 99%

Evaluating the Urban Quality Through a Hybrid Approach: Application in the Milan (Italy) City Area

Oppio

Bottero

Dell’Anna

et al. 2020

Computational Science and Its Applications – ICCSA 2020

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“…The findings concerning the use of causal loop diagrams may constitute a valuable input to a redevelopment planning support system, which has become more popular in the recent years (WANG et al 2018) and, in that way, they can improve the quality of investment recommendations that are used in the decision making process in management (KOWALSKI 2018;KOWALSKI 2019). Hidden value identification could be assessed on a specific case study, for instance by using the hedonic urban land price index (GLUMAC et al 2019). This tool can capture the value of large-scale urban development projects which effectuate an improvement in neighboring areas.…”

Section: Discussionmentioning

confidence: 99%

Hidden Public Value Identification of Real Estate Management Decisions

Kazak

Simeunović

Hendricks

2019

Real Estate Management and Valuation

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Seeing as how cities nowadays have to face many challenges (such as: urban traffic management, revitalization, and adaptation to climate change.), different kinds of urban policies and actions are undertaken. Many of these actions result in changes that influence real estate, mostly by improving the conditions of public services. However, implementation of such urban policies is connected with significant costs that have to be covered by public funds. Therefore, the question arises how we can analyze the assumed benefits from the increase of real estate value? Which tool could allow stakeholders to search for potential added value? The aim of this paper is to present the methodological approach to improving the communication between stakeholders for the visualization of relations between public actions and potential benefits. The analyses cover benefits that can occur both in public and private budgets. The focal point of this paper is the presentation of causal loop diagrams as a tool that could be incorporated for public value identification on specific investments. The application of the suggested approach is visualized on two examples of urban redevelopment activities. Causal loop diagrams are prepared for the construction of a metro system and implementation of a water retention facility. The results show that both types of urban redevelopment actions have an impact on the creation of value, which can be observed both in public and private benefits. However, not all kinds of activities impact an increase in the market value of real estate and can be measured as incomes in budgets.

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“…In the case of land markets, DID has been combined with hedonic price models (HPM), which provides the controls variables to hold all else equal in the estimated equation by inserting all other relevant variables that could explain price variation (the dependent variable). For HPM and its application to land markets, for instance, see Rosen (1974), Cheshire and Sheppard (1995); and Glumac, Herrera‐Gomez, and Licheron (2019).…”

Section: Empirical Strategy and Datamentioning

confidence: 99%

An assessment of the impacts of large‐scale urban projects on land values: The case of Belo Horizonte, Brazil

Almeida

Brandão

Torres

et al. 2021

Papers in Regional Science

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Large‐scale urban projects (LSUPs) are capable of changing cities' structures and, consequently, have a potential deep impact on land values. However, to assume that the LSUP always uplift land values may dismiss too quickly some key aspects of these investments. This work uses a difference‐in‐differences model to assess the impacts of LSUPs on land values, implemented in Belo Horizonte, Brazil. Results indicate that the impacts of LSUPs vary according to the kind of project (transit, iconic building and retail) and property (residential, commercial and vacant land). Macroeconomic cycles, negative externalities, and projects location within the local urban structure are key to understand the impacts' dynamics.

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A Hedonic Urban Land Price Index

Cited by 16 publications

References 0 publications

Evaluating the Urban Quality Through a Hybrid Approach: Application in the Milan (Italy) City Area

Evaluating the Urban Quality Through a Hybrid Approach: Application in the Milan (Italy) City Area

Hidden Public Value Identification of Real Estate Management Decisions

An assessment of the impacts of large‐scale urban projects on land values: The case of Belo Horizonte, Brazil

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