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The Value of Scattered Greenery in Urban Areas: A Hedonic Analysis in Japan
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The Value of Scattered Greenery in Urban Areas: A Hedonic Analysis in Japan
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Journal Article
The Value of Scattered Greenery in Urban Areas: A Hedonic Analysis in Japan
2023
Overview
This study investigates the impact of scattered greenery (street trees and yard bushes), rather than cohesive greenery (parks and forests), on housing prices. We identify urban green space from high-resolution satellite images and combine these data with data on both condominium sales and rentals to estimate hedonic pricing models. We find that scattered urban greenery within 100 m significantly increases housing prices, while more distant scattered greenery does not. Scattered greenery is highly valued near highways, and the prices of inexpensive and small for-sale and for-rent properties are less affected by scattered greenery. These results indicate that there is significant heterogeneity in urban greenery preferences by property characteristics and location. This heterogeneity in preferences for greenery could lead to environmental gentrification since the number of more expensive properties increases in areas with more green amenities.
