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Paper eres2015_218:
The Effect of Age-Restricted Housing on Surrounding House Prices

id eres2015_218
authors Tyvimaa, Tanja; Karen Gibler; Velma Zahirovic-Herbert
year 2015
title The Effect of Age-Restricted Housing on Surrounding House Prices
source 22nd Annual European Real Estate Society Conference in Istanbul, Turkey
summary The value of property in residential neighborhoods depends, in part, on the surrounding housing stock due to the effect of housing externalities. We investigate the impact of age-restricted housing on the price of neighboring condominiums in Tampere, Finland. A spatial pattern emerges in all our specifications: age-restricted housing implies an increase in surrounding housing values within a radius of 200 meters of up to 2.65% and up to another 2.47% increase for an additional age-restricted property within 400 meters. The positive spillover effect of owner-occupied age-restricted housing is larger than that of rental housing. The positive effect of senior houses on surrounding properties is diminished if the age-restricted property has an onsite nursing care unit. In addition, the positive effects of age-restricted houses are not extended to assisted living facilities.
keywords house prices, age-restricted housing, housing markets, Finland, condominium
series ERES:conference
type paper session
content file.ppt (2,775,743 bytes)
discussion No discussions. Post discussion ...
session Housing Markets & Economics
last changed 2015/07/08 18:06
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