Beyond Proximity: Is Easy Accessibility to Urban Parks Always Good?

38 Pages Posted: 20 Jan 2022

See all articles by Lu Liu

Lu Liu

affiliation not provided to SSRN

Lina Meng

School of Economics, Xiamen University

Yinggang Zhou

Department of Finance at School of Economics (SOE), and Wang Yanan Institute for Studies in Economics (WISE), Xiamen University

Date Written: January 18, 2022

Abstract

This paper provides new evidence on the depreciation effect of easy access (EA) to urban parks on housing prices. Using an improved geographical boundary discontinuity design, we separate the costs of EA from the combined effects of proximity to urban parks. On average, houses with EA to urban parks face a depreciation effect of 4.1% of their value, or approximately $16,577 for each house. This depreciation of EA houses has a long-term decreasing trend. Novel cellphone data provide further evidence that there are a large number of visits to areas with EA to urban parks, resulting in disamenities and thus depreciation effects on the EA houses.

Keywords: Easy Accessibility; Urban Park; Depreciation Effects; Housing Prices; Geographical Boundary Discontinuity

JEL Classification: R38; R52

Suggested Citation

Liu, Lu and Meng, Lina and Zhou, Yinggang, Beyond Proximity: Is Easy Accessibility to Urban Parks Always Good? (January 18, 2022). Available at SSRN: https://ssrn.com/abstract=4011470 or http://dx.doi.org/10.2139/ssrn.4011470

Lu Liu

affiliation not provided to SSRN

Lina Meng (Contact Author)

School of Economics, Xiamen University ( email )

Xiamen, Fujian 361005
China
361005 (Fax)

Yinggang Zhou

Department of Finance at School of Economics (SOE), and Wang Yanan Institute for Studies in Economics (WISE), Xiamen University ( email )

A403 Economic Building, Xiamen University
Xiamen, 361005
China

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