A Spatial Hedonic Analysis of the Value of the Greenbelt in the City of Vienna, Austria
||Herath, Shanaka; Johanna Choumert, Gunther Maier
||A Spatial Hedonic Analysis of the Value of the Greenbelt in the City of Vienna, Austria
||20th Annual European Real Estate Society Conference in Vienna, Austria
||The continuous expansion of urban areas at the expense of rural and natural areas should understandably increase the desire for green amenities among urban populations. In this context, greenbelts become an important component in the modern city landscape. We apply the hedonic price method in order to determine whether the implicit value of greenbelts is capitalized into real estate prices in the city of Vienna (Austria). We improve the traditional model using spatial econometric techniques and test different spatial models, namely the spatial lag model, the spatial error model and the spatial Durbin model. Evidence suggests strong support for the spatial Durbin model in the context of our data. We find, in particular, that distance to the greenbelt is an important factor that explains residential choices of households: while the CBD exerts a centripetal force, the greenbelt, on the contrary, exerts a centrifugal force.
||Greenbelt, Open space, Urban amenities, Hedonic price valuation, Spatial econometrics
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||L-1: Real Estate & Urban Economics
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