Announcement effects of urban regeneration plans on residential property values: Evidence from Ulsan, Korea

Cho, Gi-Hyoug; Kim, Jae Hong; Lee, Gain

doi:10.1016/j.cities.2019.102570

Cited by 27 publications

(19 citation statements)

References 37 publications

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“…Unlike Cho et al (2020) and Liang et al (2020), we cannot observe an impact already before completion, which would speak against an announcement effect during the planning process. Our result also follows, e.g.…”

Section: Discussioncontrasting

confidence: 55%

Evaluating the price effects of multifamily and single-family housing construction on surrounding single-family homes in Stockholm: a difference-in-difference analysis

Wilhelmsson

2023

IJHMA

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Purpose This study aims to examine the impact of housing construction on single-family housing values and the implications for urban development. Design/methodology/approach To achieve this objective, the author used the difference-in-difference methodology to examine the effect of multifamily and single-family housing construction on surrounding single-family homes in Stockholm, Sweden. The author analysed data from approximately 480 housing construction projects between 2009 and 2014 and 17,000 single-family detached house transactions between 2005 and 2018. Findings The research found that multifamily construction projects did not affect the value of surrounding single-family homes, while single-family home construction had a negative impact. The author attributes this result to single-family housing projects typically located in areas with initially positive externalities, while multifamily housing projects are often located on the edge of areas with negative externalities before construction. Research limitations/implications The research is limited by its focus on a specific geographic area and time frame, and future research could expand the scope to include other cities and regions and different periods. Additionally, further research could examine the impact of housing construction on other economic factors beyond housing values. Practical implications The research has practical implications for urban planners and policymakers. They should consider the potential negative impact of new single-family home construction on existing single-family housing areas while balancing the need for new housing in urban areas. By carefully evaluating construction locations, policymakers can create more sustainable, livable and equitable urban environments that benefit all members of society. Originality/value This research paper contributes to the field of housing economics by examining the impact of housing construction on single-family housing values in the context of urban development and climate change mitigation. Using a difference-in-difference methodology, the study provides evidence of the price effect of multifamily and single-family housing construction on surrounding single-family homes, which has important policy implications for urban planners and policymakers. By identifying the negative impact of single-family home construction on surrounding areas and highlighting the need for careful evaluation of construction locations, the research provides valuable insights for creating sustainable, livable and equitable urban environments that benefit all members of society.

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Section: Discussioncontrasting

confidence: 55%

Evaluating the price effects of multifamily and single-family housing construction on surrounding single-family homes in Stockholm: a difference-in-difference analysis

Wilhelmsson

2023

IJHMA

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“…Rebelo [9], considering possible institutional changes, emphasizes the importance of social determinants when considering the economic consequences of spatial planning. Cho et al [12] show that the impact of spatial planning on the value of real estate also depends on the level of development of civil society in a given area.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The local plans are subject to research as signals that can influence the decisions of interested actors [9,10] and impact of the process of preparing planning framework [11]. The results of some analyses indicate increase of real estate value in consequence of adoption of local plans [12,13]. Among other directions of research, the impact of planning acts on the supply and prices of housing shall be mentioned [14,15].…”

Section: Introduction: Assumptions and Goalsmentioning

confidence: 99%

Economic Consequences of Adopting Local Spatial Development Plans for the Spatial Management System: The Case of Poland

Śleszyński

Nowak

Sudra

et al. 2021

Land

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The spatial management system in Poland struggles with serious costs as a consequence of local planning. The problem is the lack of appropriate value capturing mechanisms and cost compensation for municipalities, along with significant burdens. Private property is subject to special protection, but the public good is less valued. The article attempts to assess the situation in Poland, recalling also the experiences of spatial management systems from other European countries. It combines legal, economic, and geographical perspectives. The specific objectives were demonstration of geographical (interregional and functional) regularities related to the economic (financial) consequences of adopting local plans and identification of financial effects resulting from the implementation of local plans in communes, i.e., in particular, their size, structure of revenues (income), and expenditures, in relations with the budgets of municipalities and the population living in communes. First, the determinants of spatial policy were defined in the context of institutional economics and the real estate market. Then, a unique database of forecasted and realized budgetary revenues and expenditures of 2477 communes in Poland related to spatial development (infrastructure construction, land transformation, purchase, etc.) was analyzed statistically. Additionally, for five selected communes of different functional types, this issue was examined in detail. It has been shown that municipalities do not derive adequate income from spatial development, and improper policy of local self-governments results in heavy burdens, threatening to disturb their financial balance. The formulated conclusions regarding the legal, economic, and spatial mechanisms may contribute to building tools (instruments) for more effective spatial management in various countries.

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“…The responses were analysed using mean and standard deviation. The mean mark criterion is three (3). The implication is that if the mean mark of the responses is equal to 3 and above, then the impact of the urban regeneration projects on the residential real estate conditions in the study area is significant.…”

Section: Reliabilitymentioning

confidence: 99%

Impact of Urban Regeneration Projects on Housing Neighbourhood Conditions in Lagos State, Nigeria

Onyekwelu

Ogbuefi

2021

IJSMS

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The principal aim of this paper is to investigate the stakeholders’ perception on the impact of the Lagos Metropolitan Development and Governance Project (LMDGP) on housing neighbourhood conditions in some selected areas in Lagos State, Nigeria. The specific objectives are; to assess stakeholders’ perceptions on the impact of LMDGP on the housing neighbourhood conditions in the study area, and also to appraise the stakeholders’ perception on the factors militating against effective implementation of urban regeneration projects in the study area. The study adopts a survey approach by purposively administering questionnaires to 137 stakeholders comprising government agents, residents, and property investors. The reliability of the questionnaire was determined at a Cronbach’s Alpha value of 0.886. Out of the total 137 questionnaires that were distributed, 107 were retrieved giving a response rate of 78.1%. The data collected were analysed using weighted average score, WAS, standard deviation and principal component analysis, PCA. Results based on the stakeholders’ perception show that the housing conditions most significantly impacted by the urban regeneration projects in the study areas are; decline in traffic congestion, ease of access, and adequate street lighting; while the overall quality of life was not significantly impacted. Economic, market research and analysis, bureaucracy, land acquisition, lack of public participation, risks/no maintenance plan, delays in project execution, and policy initiatives/tax are the factors limiting effective implementation of urban regeneration projects.

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Announcement effects of urban regeneration plans on residential property values: Evidence from Ulsan, Korea

Cited by 27 publications

References 37 publications

Evaluating the price effects of multifamily and single-family housing construction on surrounding single-family homes in Stockholm: a difference-in-difference analysis

Evaluating the price effects of multifamily and single-family housing construction on surrounding single-family homes in Stockholm: a difference-in-difference analysis

Economic Consequences of Adopting Local Spatial Development Plans for the Spatial Management System: The Case of Poland

Impact of Urban Regeneration Projects on Housing Neighbourhood Conditions in Lagos State, Nigeria

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