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ISPRS Int. J. Geo-Inf. 2018, 7(3), 104; https://doi.org/10.3390/ijgi7030104

Impacts of Street-Visible Greenery on Housing Prices: Evidence from a Hedonic Price Model and a Massive Street View Image Dataset in Beijing

1
State Key Laboratory of Urban and Regional Ecology, Research Center for Eco-Environmental Sciences, Chinese Academy of Sciences, Beijing 100085, China
2
College of Resources and Environment, University of Chinese Academy of Sciences, Beijing 100049, China
*
Author to whom correspondence should be addressed.
Received: 9 February 2018 / Revised: 4 March 2018 / Accepted: 12 March 2018 / Published: 14 March 2018
(This article belongs to the Special Issue Urban Environment Mapping Using GIS)
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Abstract

Street greenery is a component of urban green infrastructure. By forming foundational green corridors in urban ecological systems, street greenery provides vital ecological, social, and cultural functions, and benefits the wellbeing of citizens. However, because of the difficulty of quantifying people’s visual perceptions, the impact of street-visible greenery on housing prices has not been fully studied. Using Beijing, which has a mature real estate market, as an example, this study evaluated 22,331 transactions in 2014 in 2370 private housing estates. We selected 25 variables that were classified into three categories—location, housing, and neighbourhood characteristics—and introduced an index called the horizontal green view index (HGVI) into a hedonic pricing model to measure the value of the visual perception of street greenery in neighbouring residential developments. The results show that (1) Beijing’s homebuyers would like to reside in residential units with a higher HGVI; (2) Beijing’s homebuyers favour larger lakes; and (3) Beijing’s housing prices were impacted by the spatial development patterns of the city centre and multiple business centres. We used computer vision to quantify the street-visible greenery and estimated the economic benefits that the neighbouring visible greenery would have on residential developments in Beijing. This study provides a scientific basis and reference for policy makers and city planners in road greening, and a tool for formulating street greening policy, studying housing price characteristics, and evaluating real estate values. View Full-Text
Keywords: street greenery; visual perception; hedonic pricing model; horizontal green view index; amenity value; real estate value street greenery; visual perception; hedonic pricing model; horizontal green view index; amenity value; real estate value
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Zhang, Y.; Dong, R. Impacts of Street-Visible Greenery on Housing Prices: Evidence from a Hedonic Price Model and a Massive Street View Image Dataset in Beijing. ISPRS Int. J. Geo-Inf. 2018, 7, 104.

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