The Effect of Age-Restricted Housing on Surrounding House Prices
||Tyvimaa, Tanja; Karen Gibler; Velma Zahirovic-Herbert
||The Effect of Age-Restricted Housing on Surrounding House Prices
||22nd Annual European Real Estate Society Conference in Istanbul, Turkey
||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.
||house prices, age-restricted housing, housing markets, Finland, condominium
||file.ppt (2,775,743 bytes)
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||Housing Markets & Economics
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