Sustainable Urban Regeneration: GIS and Hedonic Pricing Method in Determining the Value of Green Space in Housing Area

Noor, Normawaty Mohammad; Asmawi, M. Zainora; Abdullah, Alias

doi:10.1016/j.sbspro.2015.01.069

Cited by 52 publications

(31 citation statements)

References 20 publications

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“…Estimates of the economic values or amenity benefits of urban parks and public open spaces have emerged recently [6]; [7]; [8]; [9]; [10]; [11] and [12]. At the first stage, implicit prices for different housing characteristics are estimated with formula given above [8].…”

Section: Methodsmentioning

confidence: 99%

Green spaces: Assets or liabilities? An economic study on the urban residential neighbourhood of Dhaka

Sharmin

Nayeem

2015

2015 3rd International Conference on Green Energy and Technology (ICGET)

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Within the context of the economic valuation of open space, the presence and absence of green space has an effect on the residential property value in urban areas. This study only concerns with the valuation of open spaces; especially green parks and water bodies of different urban residential neighborhoods of Dhaka city in Economic terms. To analyze the impact of open space attributes on real price of residential properties, an empirical analysis is carried out by employing Hedonic Price Method (HPM). Together with a set of structural, location and socio-economic variables use to explain residential property prices; the study focuses on three amenity or environmental variables which include the existence of views of park, the distance from the housing unit to the nearest open space, and the size of that open space. The regression analysis results from the first stage hedonic estimation reveal that homebuyers are willing to pay only for scenic views and living in the closest proximity to open spaces especially green parks. In contrast results for the size of the nearest open space for houses do not show a significant relationship on nearby property values. This estimated valuation of open spaces and their amenity benefits will be useful for decision making in urban design, land use planning and green space preservation.

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Section: Methodsmentioning

confidence: 99%

Green spaces: Assets or liabilities? An economic study on the urban residential neighbourhood of Dhaka

Sharmin

Nayeem

2015

2015 3rd International Conference on Green Energy and Technology (ICGET)

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“…The regression model holds dependent variables constant and measures values of independent variables (Noor et al 2015). Regression model indicates, how much property changes by changing in each characteristic of variables through the coefficient values of each characteristic.…”

Section: Regression Model and Property Valuesmentioning

confidence: 99%

“…The pervious literature found that combination of GIS with regression, fully explored the neighborhood amenities, distance base land values provide the evidence in numerical formwork (Noor et al 2015), Where GIS is technique applied for implementation of locational dataset of environmental attributes (Ligus and Peternek 2016). GIS is widely used for handling of spatial data in urban developmental projects, decision making and policies (Pedro et al 2019).…”

Section: Regression Model and Property Valuesmentioning

confidence: 99%

The impact of neighborhood services on land values: an estimation through the hedonic pricing model

2020

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A strong need exists to increase the knowledge and recognize the values of neighborhood services. This paper makes an attempt to examine the impact of neighborhood services on land values, through analysis based on results obtained from multi linear regression analysis. This case study was done in area of dense urban settlement to check the consequence of neighborhood services through the hedonic pricing model base variables which include the structural, locational, community and neighborhood services. The regression coefficient was checked at (p \ 0.05) level of significance for each variable. The primary data was collect through the questionnaire filling by random sampling and Punjab Urban Gazette was used for the verification of land values in study area. The results found a valuable potential on land and property values of neighborhood services through the regression analysis results express through R (0.926), R 2 (0.856) and coefficient tables to represent the effect of each individual variable on property and land values. Every individual variable play role in defining the values of land and property based upon its utilization such as larger the structure of a property, more the covered area, larger size of a property more the land area higher price. Similarly, for locational factor study in geography, a piece of land adjacent to the road have high land values 50-70% compare to those located at distance. Very less attention has been paid on such issues in the world due to lack of effective urban planning and research on such crucial issues. If empirical studies on such issue has been done, effective way can be obtained for urban planning.

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“…1% increase in the size of common area relates with a 0.01% increase in property price. (Veie & Panduro, 2013) Urban green spaces have a positive impact on the property values and this represents a "capitalization" of park land into increased property values of proximate land owners (Noor, Asmawi, & Abdullah, 2015).…”

Section: Literature Reviewmentioning

confidence: 99%

â€œEnvironmental Economics for a Sustainable Developmentâ€ Evaluation of Environmental and Recreational Values of the Area Lezhe â€“Shengjin using Indirect Approximate Method â€œHedonic Price Methodâ€

Imeraj¹,

.²

2015

JSDS

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The area of the project Lezhe â€“Shengjin has a combination of recreational tourism and industry development. Promotion of tourism and environmental values of Lezha is a bold undertaking for a region with a diversity of values. Stable ecological development impacts directly in the development of the inhabited area and in the standards of it, while reflecting also in the home prices. Project aims to identify and to study the basic areas of the ecosystem and to present the impact that has the environment to the economy, by analyzing of the home prices of those, their diversity and changes. Methodology that the project will use is based on an indirect approximate method â€œHedonic Price Methodâ€. The base of these methods lies on questioners made face to face with the residents of the region and a considerable part of the data collection would be the collaboration with the commune and municipality administration offices of the region. Firstly, the project members will identify specifically services and environmental goods that the project will assess. Meanwhile, the meeting with the head officer of the commune would be planned and a contract of collaboration with his office would be signed. An important phase of the project will be the preparation of the questioners, on which behalf, the project members are selected. It is considered to prepare around 2000 Surveys for t h e respective method for areas of the targeted region, Lezhe and Shengjin. Getting the result of the indirect method that will be used, as mentioned, would need the data collection of the surveys and the data taken officially from the commune of Shengjin and Municipality of Lezha. During the data collection period the project members will consider also several meetings with real estate offices of the region and ecological NGOs. All data collected will be considered to be analyzed due to â€œHedonic Price Methodâ€ and the expected results are considered to conclude in direct relations between the high ecosystem standards and relatively high competitive home prices. As well the result would be a good guide for the evaluation of the agency investments. Result of the project will firstly be presented to the interest group and then will be presented at scientific seminars and conferences within and outside the country and will serve as a starting point for further studies related to this field of study. Key results would provide good material to be firstly presented and published in scientific journals.

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Sustainable Urban Regeneration: GIS and Hedonic Pricing Method in Determining the Value of Green Space in Housing Area

Cited by 52 publications

References 20 publications

Green spaces: Assets or liabilities? An economic study on the urban residential neighbourhood of Dhaka

Green spaces: Assets or liabilities? An economic study on the urban residential neighbourhood of Dhaka

The impact of neighborhood services on land values: an estimation through the hedonic pricing model

â€œEnvironmental Economics for a Sustainable Developmentâ€ Evaluation of Environmental and Recreational Values of the Area Lezhe â€“Shengjin using Indirect Approximate Method â€œHedonic Price Methodâ€

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Sustainable Urban Regeneration: GIS and Hedonic Pricing Method in Determining the Value of Green Space in Housing Area

Cited by 52 publications

References 20 publications

Green spaces: Assets or liabilities? An economic study on the urban residential neighbourhood of Dhaka

Green spaces: Assets or liabilities? An economic study on the urban residential neighbourhood of Dhaka

The impact of neighborhood services on land values: an estimation through the hedonic pricing model

â€œEnvironmental Economics for a Sustainable Developmentâ€ Evaluation of Environmental and Recreational Values of the Area Lezhe â€“Shengjin using Indirect Approximate Method â€œHedonic Price Methodâ€

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â€œEnvironmental Economics for a Sustainable Developmentâ€ Evaluation of Environmental and Recreational Values of the Area Lezhe â€“Shengjin using Indirect Approximate Method â€œHedonic Price Methodâ€