Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka

Faria Sharmin

doi:doi:10.11648/j.ajere.20200504.13

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Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka

Faria Sharmin

Published in American Journal of Environmental and Resource Economics (Volume 5, Issue 4)

Received: 28 August 2020 Accepted: 19 October 2020 Published: 19 November 2020

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Abstract

Within the context of the economic valuation, the presence and absence of open space has an effect on the residential property value in urban areas. Residents in a city esteemed these open spaces differently. They are keen to pay a premium for attractive views willingly. This study only assessed the amenity value of open spaces especially green parks and water bodies of two planned urban residential neighborhoods of Dhaka city in Economic terms. An empirical analysis is carried out by employing Hedonic Price Method (HPM) to analyze the impact of open space attributes on real price of residential properties. The six storied walkup and high-density apartments are typical for upper and middle-income residents in Dhaka city. Together with a set of structural, location and socio-economic variables the research use to explain residential property prices; this study focuses on three amenity or environmental variables which include the existence of views of open spaces, the distance from the residential unit to the nearest open space, and the size of that open space. The regression analysis result from the first stage hedonic estimation reveal that homebuyers are willing to pay only for scenic views and living in the closest proximity to open spaces especially green parks. In contrast results for the size of the nearest open space for houses do not show a significant relationship on nearby property values. This estimated valuation of open spaces and their amenity benefits will be useful for policy making in urban design for both developers and planners, composing new strategies for land use planning and sustainable development, open space conservation and property appraisal.

Published in	American Journal of Environmental and Resource Economics (Volume 5, Issue 4)
DOI	10.11648/j.ajere.20200504.13
Page(s)	97-103
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Urban Open Space, Economic Valuation, Residential Property Price, Hedonic Price Method

References

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APA Style

Faria Sharmin. (2020). Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka. American Journal of Environmental and Resource Economics, 5(4), 97-103. https://doi.org/10.11648/j.ajere.20200504.13

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ACS Style

Faria Sharmin. Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka. Am. J. Environ. Resour. Econ. 2020, 5(4), 97-103. doi: 10.11648/j.ajere.20200504.13

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AMA Style

Faria Sharmin. Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka. Am J Environ Resour Econ. 2020;5(4):97-103. doi: 10.11648/j.ajere.20200504.13

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@article{10.11648/j.ajere.20200504.13,
  author = {Faria Sharmin},
  title = {Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {5},
  number = {4},
  pages = {97-103},
  doi = {10.11648/j.ajere.20200504.13},
  url = {https://doi.org/10.11648/j.ajere.20200504.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20200504.13},
  abstract = {Within the context of the economic valuation, the presence and absence of open space has an effect on the residential property value in urban areas. Residents in a city esteemed these open spaces differently. They are keen to pay a premium for attractive views willingly. This study only assessed the amenity value of open spaces especially green parks and water bodies of two planned urban residential neighborhoods of Dhaka city in Economic terms. An empirical analysis is carried out by employing Hedonic Price Method (HPM) to analyze the impact of open space attributes on real price of residential properties. The six storied walkup and high-density apartments are typical for upper and middle-income residents in Dhaka city. Together with a set of structural, location and socio-economic variables the research use to explain residential property prices; this study focuses on three amenity or environmental variables which include the existence of views of open spaces, the distance from the residential unit to the nearest open space, and the size of that open space. The regression analysis result from the first stage hedonic estimation reveal that homebuyers are willing to pay only for scenic views and living in the closest proximity to open spaces especially green parks. In contrast results for the size of the nearest open space for houses do not show a significant relationship on nearby property values. This estimated valuation of open spaces and their amenity benefits will be useful for policy making in urban design for both developers and planners, composing new strategies for land use planning and sustainable development, open space conservation and property appraisal.},
 year = {2020}
}

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TY  - JOUR
T1  - Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka
AU  - Faria Sharmin
Y1  - 2020/11/19
PY  - 2020
N1  - https://doi.org/10.11648/j.ajere.20200504.13
DO  - 10.11648/j.ajere.20200504.13
T2  - American Journal of Environmental and Resource Economics
JF  - American Journal of Environmental and Resource Economics
JO  - American Journal of Environmental and Resource Economics
SP  - 97
EP  - 103
PB  - Science Publishing Group
SN  - 2578-787X
UR  - https://doi.org/10.11648/j.ajere.20200504.13
AB  - Within the context of the economic valuation, the presence and absence of open space has an effect on the residential property value in urban areas. Residents in a city esteemed these open spaces differently. They are keen to pay a premium for attractive views willingly. This study only assessed the amenity value of open spaces especially green parks and water bodies of two planned urban residential neighborhoods of Dhaka city in Economic terms. An empirical analysis is carried out by employing Hedonic Price Method (HPM) to analyze the impact of open space attributes on real price of residential properties. The six storied walkup and high-density apartments are typical for upper and middle-income residents in Dhaka city. Together with a set of structural, location and socio-economic variables the research use to explain residential property prices; this study focuses on three amenity or environmental variables which include the existence of views of open spaces, the distance from the residential unit to the nearest open space, and the size of that open space. The regression analysis result from the first stage hedonic estimation reveal that homebuyers are willing to pay only for scenic views and living in the closest proximity to open spaces especially green parks. In contrast results for the size of the nearest open space for houses do not show a significant relationship on nearby property values. This estimated valuation of open spaces and their amenity benefits will be useful for policy making in urban design for both developers and planners, composing new strategies for land use planning and sustainable development, open space conservation and property appraisal.
VL  - 5
IS  - 4
ER  -

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Author Information

Faria Sharmin

Department of Architecture, Stamford University Bangladesh, Dhaka, Bangladesh

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APA Style

Faria Sharmin. (2020). Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka. American Journal of Environmental and Resource Economics, 5(4), 97-103. https://doi.org/10.11648/j.ajere.20200504.13

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ACS Style

Faria Sharmin. Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka. Am. J. Environ. Resour. Econ. 2020, 5(4), 97-103. doi: 10.11648/j.ajere.20200504.13

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AMA Style

Faria Sharmin. Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka. Am J Environ Resour Econ. 2020;5(4):97-103. doi: 10.11648/j.ajere.20200504.13

Copy | Download

@article{10.11648/j.ajere.20200504.13,
  author = {Faria Sharmin},
  title = {Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka},
  journal = {American Journal of Environmental and Resource Economics},
  volume = {5},
  number = {4},
  pages = {97-103},
  doi = {10.11648/j.ajere.20200504.13},
  url = {https://doi.org/10.11648/j.ajere.20200504.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajere.20200504.13},
  abstract = {Within the context of the economic valuation, the presence and absence of open space has an effect on the residential property value in urban areas. Residents in a city esteemed these open spaces differently. They are keen to pay a premium for attractive views willingly. This study only assessed the amenity value of open spaces especially green parks and water bodies of two planned urban residential neighborhoods of Dhaka city in Economic terms. An empirical analysis is carried out by employing Hedonic Price Method (HPM) to analyze the impact of open space attributes on real price of residential properties. The six storied walkup and high-density apartments are typical for upper and middle-income residents in Dhaka city. Together with a set of structural, location and socio-economic variables the research use to explain residential property prices; this study focuses on three amenity or environmental variables which include the existence of views of open spaces, the distance from the residential unit to the nearest open space, and the size of that open space. The regression analysis result from the first stage hedonic estimation reveal that homebuyers are willing to pay only for scenic views and living in the closest proximity to open spaces especially green parks. In contrast results for the size of the nearest open space for houses do not show a significant relationship on nearby property values. This estimated valuation of open spaces and their amenity benefits will be useful for policy making in urban design for both developers and planners, composing new strategies for land use planning and sustainable development, open space conservation and property appraisal.},
 year = {2020}
}

Copy | Download

TY  - JOUR
T1  - Towards the Valuation of Open Spaces: A Hedonic Based Investigation for Sustainable Planning in the Dense Urban Context of Dhaka
AU  - Faria Sharmin
Y1  - 2020/11/19
PY  - 2020
N1  - https://doi.org/10.11648/j.ajere.20200504.13
DO  - 10.11648/j.ajere.20200504.13
T2  - American Journal of Environmental and Resource Economics
JF  - American Journal of Environmental and Resource Economics
JO  - American Journal of Environmental and Resource Economics
SP  - 97
EP  - 103
PB  - Science Publishing Group
SN  - 2578-787X
UR  - https://doi.org/10.11648/j.ajere.20200504.13
AB  - Within the context of the economic valuation, the presence and absence of open space has an effect on the residential property value in urban areas. Residents in a city esteemed these open spaces differently. They are keen to pay a premium for attractive views willingly. This study only assessed the amenity value of open spaces especially green parks and water bodies of two planned urban residential neighborhoods of Dhaka city in Economic terms. An empirical analysis is carried out by employing Hedonic Price Method (HPM) to analyze the impact of open space attributes on real price of residential properties. The six storied walkup and high-density apartments are typical for upper and middle-income residents in Dhaka city. Together with a set of structural, location and socio-economic variables the research use to explain residential property prices; this study focuses on three amenity or environmental variables which include the existence of views of open spaces, the distance from the residential unit to the nearest open space, and the size of that open space. The regression analysis result from the first stage hedonic estimation reveal that homebuyers are willing to pay only for scenic views and living in the closest proximity to open spaces especially green parks. In contrast results for the size of the nearest open space for houses do not show a significant relationship on nearby property values. This estimated valuation of open spaces and their amenity benefits will be useful for policy making in urban design for both developers and planners, composing new strategies for land use planning and sustainable development, open space conservation and property appraisal.
VL  - 5
IS  - 4
ER  -

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