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The Journal of Real Estate Finance and Economics

Erschienen in:

01.08.2010

A Spatial Autocorrelation Approach for Examining the Effects of Urban Greenspace on Residential Property Values

verfasst von: Delores Conway, Christina Q. Li, Jennifer Wolch, Christopher Kahle, Michael Jerrett

Erschienen in: The Journal of Real Estate Finance and Economics | Ausgabe 2/2010

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Abstract

This paper presents spatially explicit analyses of the greenspace contribution to residential property values in a hedonic model. The paper utilizes data from the housing market near downtown Los Angeles. We first used a standard hedonic model to estimate greenspace effects. Because the residuals were spatially autocorrelated, we implemented a spatial lag model as indicated by specification tests. Our results show that neighborhood greenspace at the immediate vicinity of houses has a significant impact on house prices even after controlling for spatial autocorrelation. The different estimation results from non-spatial and spatial models provide useful bounds for the greenspace effect. Greening of inner city areas may provide a valuable policy instrument for elevating depressed housing markets in those areas.

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Titel: A Spatial Autocorrelation Approach for Examining the Effects of Urban Greenspace on Residential Property Values
verfasst von: Delores Conway
Christina Q. Li
Jennifer Wolch
Christopher Kahle
Michael Jerrett
Publikationsdatum: 01.08.2010
Verlag: Springer US
Erschienen in: The Journal of Real Estate Finance and Economics / Ausgabe 2/2010
Print ISSN: 0895-5638
Elektronische ISSN: 1573-045X
DOI: https://doi.org/10.1007/s11146-008-9159-6

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