The effects of park and sea landscape on property value in a tourist city

Abstract

Theorists have traditionally considered the effects of single rather than multiple landscape attributes on property prices, and ignored the interaction between landscape-specific housing attributes. The aim of this paper is to analyze the hedonic attributes of property prices and compare the effects on property prices of two key landscape attributes. Seventeen hedonic attributes are used to build a hedonic-pricing model with five dimensions: structure, neighborhood and community, location, environment, and time. A sample of 688 valid houses within 1,000 m of Xiangshan Park in the city of Zhuhai, China is collected. The selected hedonic attributes are found to have significant effects on property prices, explaining around 91% of the observed variation in price. Proximity to the sea has a greater positive influence on property prices than proximity to parks. In addition, people prefer to buy properties with sea views than to live close to the sea.