The influence of architecture on real estate market value: A methodological framework

Navickas, Valentinas; Skripkiūnas, Tomas; Tanaś, Justyna; Trojanek, Maria

doi:10.14254/2071-8330.2020/13-4/3

Cited by 4 publications

(4 citation statements)

References 47 publications

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“…According to Navickas et al (2020), planning and architecture play an important role in shaping the built environment, and the built environment has a great influence on the real estate positions of HEs. In general, due to the technological disadvantages of prefab buildings, the older brick-built HEs and mid-rise buildings occupy a better market position.…”

Section: Discussionmentioning

confidence: 99%

“…The mini-HEs, the prefabricated buildings, do not have the same value because of their sheer size and their architectural character. Navickas et al (2020) identify five areas where architecture has an impact on the real estate market. It is essential to highlight the spatial dependence, spillover effects, and externalities of architecture.…”

Section: The Influence Of Planning Architecture and Design Values On ...mentioning

confidence: 99%

“…In Hungary, central planning, architecture, and construction have played a key role in shaping the built and social environment of HEs. Architecture, in a narrow sense, refers to the spatial, formal, technical, technological, and engineering solutions used in construction, but, in a broader sense, it also encompasses the culture, artistic solutions, and process of shaping the space (Navickas et al, 2020). In recent decades, the importance of careful design, liveability, accessibility, and environmental friendliness of the living environment has gradually increased in the construction and development of HEs.…”

Section: Introductionmentioning

confidence: 99%

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Planning and Architecture as Determining Influences on the Housing Market: Budapest–Csepel’s Post–War Housing Estates

Egedy

Szabó²,

Antypenko³

et al. 2022

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In Hungary, post-war housing estates can be categorised according to the time of their construction. Thanks to the development of construction technologies and urban planning, these so-called generations of housing estates demonstrate different features with regard to their physical layout and socio-economic characteristics. Socio-economic transformation that took place after the change of regime (1989) was widely affected by the physical parameters of these neighbourhoods and their dwelling stock. Our results show that different generations of housing estates have followed distinct trajectories in the housing market; thus, in addition to their geographical location within the city, planning, architecture, design, and the dwelling stock play a significant role in the market positions of these generations of housing estates. House prices have risen rapidly in Budapest since 2014 up until the pandemic in 2020, and housing estates became popular segments of the housing market. The main aim of this article is to investigate the role of urban planning, architecture and the built environment in this real estate process. The research is based on empirical real estate investigations, statistical house price analyses, and fieldwork undertaken on housing estates. The case study area is Csepel, a former industrial town which became the administrative district 21 of Budapest in 1950. All types of post-war generations of housing estates co-exist, and the majority of the population lives in such neighbourhoods. This special geographical context makes it possible to explore the influential role of the built environment in the housing market. Empirical results from these low- and mid-rise housing estates can make a major contribution to the more effective and successful development of high-rise neighbourhoods.

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Section: Discussionmentioning

confidence: 99%

Section: The Influence Of Planning Architecture and Design Values On ...mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Planning and Architecture as Determining Influences on the Housing Market: Budapest–Csepel’s Post–War Housing Estates

Egedy

Szabó²,

Antypenko³

et al. 2022

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“…While architectural factors from scientific literature on the determinants of real estate market value have a more direct influence on property market value, the other part of architectural variables found in literature on the value built environment generates have positive public outcomes that therefore result in higher market value. A direct influence as well as indirect influence on market value exists (Navickas et al, 2020). The complex mechanism of value transfers between architecture, the built environment, public policy dimensions and real estate market value exists.…”

Section: Literature Reviewmentioning

confidence: 99%

Architectural Factors Influencing a Housing Market Value: A Theoretical Framework

Skripkiūnas¹,

Navickas²

2023

Real Estate Management and Valuation

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A housing price, not considering its change over time, is widely determined by hedonic properties. This is common in literature; however, there is a significant part of a price, the so-called unexplained variance, that is not captured by hedonic models. The scientific problem of this research is how to classify and visualize architectural factors that might have an influence on the market value of a dwelling. The object of the research are architectural factors in a housing market value analysis and the aim of research is to describe the theoretical framework that defines the structure and scope of architectural variables influencing a housing market value. Not all architectural factors described in the literature review are equal in terms of scale, measurability, public or private context, aesthetic or functional priority. A systematic approach would be to classify architectural factors as a matrix of built environment properties. Two orthogonal dimensions can be identified: architectural factors spanning from non-design (functional, utilitarian) to design (abstract, unexplained) and factors spanning from architectural design (private) to urban design (public). A multidimensional and complex system of architectural variables influencing a housing market value exists. Understanding this system is crucial for a housing development to succeed.

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Assessing the Effects of Architectural Design on Commercial Real Estate Value Case of Harare Central Business District (CBD)

Mazikana

2023

SSRN Journal

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The influence of architecture on real estate market value: A methodological framework

Cited by 4 publications

References 47 publications

Planning and Architecture as Determining Influences on the Housing Market: Budapest–Csepel’s Post–War Housing Estates

Planning and Architecture as Determining Influences on the Housing Market: Budapest–Csepel’s Post–War Housing Estates

Architectural Factors Influencing a Housing Market Value: A Theoretical Framework

Assessing the Effects of Architectural Design on Commercial Real Estate Value Case of Harare Central Business District (CBD)

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