TY - JOUR
T1 - Viewshed effects and house prices
T2 - Identifying the visibility value of the natural landscape
AU - Dai, Xieer
AU - Felsenstein, Daniel
AU - Grinberger, A. Yair
N1 - Publisher Copyright:
© 2023 Elsevier B.V.
PY - 2023/10
Y1 - 2023/10
N2 - The visibility value of the natural landscape is a difficult concept to quantify. Using GIS techniques we create variables for measuring the visibility value of coasts and natural open areas in a spatial hedonic model of house prices. Data come from repeated house sales for the city of Haifa (Israel). As visibility of amenities often interacts with other variables such as location, we suggest approaches for dealing with this identification problem. We exploit the multi-level structure of the data to estimate spatial panel models with multi-level random effects for identifying the visibility value of natural landscapes. The estimated results show first, that visibility of coast and natural open space adds to the value of house prices regardless of their location. Second, the effect of proximity of natural landscapes on house prices is determined by the trade-off between positive and negative externalities generated by these amenities. Third, we find that viewshed effects are sensitive to different ranges of visibility.
AB - The visibility value of the natural landscape is a difficult concept to quantify. Using GIS techniques we create variables for measuring the visibility value of coasts and natural open areas in a spatial hedonic model of house prices. Data come from repeated house sales for the city of Haifa (Israel). As visibility of amenities often interacts with other variables such as location, we suggest approaches for dealing with this identification problem. We exploit the multi-level structure of the data to estimate spatial panel models with multi-level random effects for identifying the visibility value of natural landscapes. The estimated results show first, that visibility of coast and natural open space adds to the value of house prices regardless of their location. Second, the effect of proximity of natural landscapes on house prices is determined by the trade-off between positive and negative externalities generated by these amenities. Third, we find that viewshed effects are sensitive to different ranges of visibility.
KW - Amenities
KW - Environmental quality
KW - Hedonic house price
KW - Viewshed analysis
KW - Visibility value
UR - http://www.scopus.com/inward/record.url?scp=85162121727&partnerID=8YFLogxK
U2 - 10.1016/j.landurbplan.2023.104818
DO - 10.1016/j.landurbplan.2023.104818
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AN - SCOPUS:85162121727
SN - 0169-2046
VL - 238
JO - Landscape and Urban Planning
JF - Landscape and Urban Planning
M1 - 104818
ER -