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Spatial spillover effect of urban landscape views on property price.pdf

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Spatial spillover effect of urban landscape views on property price.pdf

Applied Geography 72 (2016) 26e35 Contents lists available at ScienceDirect Applied Geography journal homepage: /locate/apgeog Spatial spillover effect of urban landscape views on property price Eddie C.M. Hui, Cong Liang* Department of Building and Real Estate, The Hong Kong Polytechnic University, Hong Kong article info Article history: Received 14 December 2015 Received in revised form 26 February 2016 Accepted 18 May 2016 Available online 26 May 2016 Keywords: Urban landscape view Spatial durbin model Amenities Accessibility Housing markets Spillover effect CBD abstract This paper attempts to investigate the spatial spillover effects of urban landscape views and the accessibility to amenities on the property price in CBD of Guangzhou city via spatial econometric analysis. The paper overcomes the shortcomings of the previous studies by employing an improved spatial weight matrix and providing a series of reasonable spatial model selection procedures. In addition to investigating the direct and indirect (spillover) effects, this study further explores the partitioning of direct and indirect effects, and ?nds out the impacts of the neighboring characteristics from close distance (immediate neighbors) to the far away distance on property price. Its key ?nding suggests that people in CBD are willing to pay an extra premium for enjoying a better environment. It provides useful message to urban planners and developers that new properties can be built in the neighborhood of parks, enabling potential investors to have a park view. ? 2016 Elsevier Ltd. All rights reserved. 1. Introduction A central business district (CBD), as its name indicates, is an area concentrated with a city’s commercial and business activities. It is often synonymous with the city’s “?nancial district”. CBD usually has a higher urban density than its surrounding districts, and often consists of the tallest buildings in the city (Murphy, Vance, Epstein, 1955), depicting a general view of mass busin