fr
Rapport de recherche
Accès libre
Anglais

What's in a View ?

Collection
  • Cahiers de recherche; 2003.13
Date de publication2003
Résumé

The impact of views on property values has not been the specific focus of as much research as has the impact of other externalities on property values. When the impact of views is assessed, this is often done by simply adding a dummy variable for views in hedonic regression equations. This paper provides a detailed literature review as well as an empirical analysis of the impact of a view on residential property values using a very rich database of nearly 5,000 sales in Auckland, New Zealand. Several dimensions of a view are analyzed (type of view, scope of view, distance to coast, and quality of surrounding improvements). It is found that wide views of water add an average of 59% to the value of a waterfront property, but that this effect diminishes quite rapidly as the distance from the coast increases. Attractive landscaping and buildings in a property's neighborhood on average add 5% and 37% to value, respectively. Particularly attractive improvements in the immediate surroundings of a property add another 27% to value on average. Our results lead to the conclusion that aesthetic externalities are multi-dimensional and can have a substantial impact on residential property values.

Mots-clés
  • Views
  • Property Values
  • Hedonic Models
  • Externalities
Classification
  • JEL : R31
Citation (format ISO)
BOURASSA, Steven C., HOESLI, Martin E., SUN, Jian. What’s in a View ? 2003
Fichiers principaux (1)
Report
accessLevelPublic
Identifiants
  • PID : unige:5795
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Informations techniques

Création15/04/2010 12:20:13
Première validation15/04/2010 12:20:13
Heure de mise à jour14/03/2023 15:26:36
Changement de statut14/03/2023 15:26:36
Dernière indexation15/01/2024 19:43:44
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