Valuing individual characteristics and the multifunctionality of urban green spaces: The integration of sociotope mapping and hedonic pricing
Summary
We categorize Stockholm’s urban green spaces according to the use values and social meanings they support, based on a sociotope mapping, and estimate their impact on property prices with a hedonic pricing model. The approach allows us to identify the most and least desired green space characteristics (attributes) and to assess the willingness to pay for the multifunctionality of green spaces.
To do this, we test the following hypotheses, each with a separate hedonic pricing model:
- the proximity of all green space characteristics increases the property prices, but the specific monetary value of these characteristics differs;
- the multifunctionality of green spaces is well recognized and highly valued by real estate buyers.
We find partial support for the first hypothesis: the green space attributes of “aesthetics”, “social activity” and “nature” seem to be desired by real estate buyers, whereas “physical activity” and “play” seem not to be desired. We also find support for the second hypothesis: the higher the number of characteristics an urban green space has, the stronger its impact on property prices. This study furthers the discussion on the economic value of urban green spaces by assigning monetary value to their perceived character and use values. In doing so, it highlights the need to understand green spaces both as ecological features and social constructs.
