The impact on property prices of the proportion of park-like space in the proximate area

ABSTRACT

The paper reviewed 22 studies that investigated the impact on house prices of proportion of open space in the proximate area. The expected significant relationship was found in at least one model in 21 of these analyses, providing empirical confirmation of the intuitive recognition that increasing the amount of greenery and open space in a neighbourhood is likely to increase property values. Most of this premium was associated with greenery within 400 metres of a dwelling. There was evidence to suggest that if the amount was relatively low, then the premium was likely to be higher than if greenery and open space were abundant. If much of the open space in proximate areas was permanently protected, then premiums were higher than in areas where the land could be developed at some point in the future.

KEYWORDS:

• Open space
• parks
• proximity
• property values

Disclosure statement

No potential conflict of interest was reported by the author(s).