Does green area or wetland affect the price of housing in a sector of Bogota?
DOI:
https://doi.org/10.18041/1900-3803/entramado.1.7809Keywords:
Spatial econometrics, Urban open spaces, Green infrastructure, Hedonic pricing, Urban ecosystem servicesAbstract
Differences in the characteristics of green infrastructure can vary the relationship between urban green spaces and housing prices. The objective of this study is to estimate the effect of the proximity of anthropically designed green areas and a wetland on housing market values. Using geographic information systems, the size of green areas near the wetland and other attributes of housing location were determined; property prices were obtained from the real estate market in Bogota. Ordinary least squares was used to relate the housing prices to environmental, location and socioeconomic attributes; the Moran Index, contiguity models and spatial error models were used to analyze the spatial dependence of the data. The anthropically designed green areas, and not the wetland, was significantly associated with the housing prices. The regressions performed showed the absence of spatial dependence among the data, as well as a positive association of housing prices with anthropically designed green areas, property area and number of alcoves. While the age of the dwellings and the distance to the Immediate Attention Command had a negative association with housing prices. These results show that local residents pay more to live near areas with anthropically designed green areas and have implications for urban planning for high socioeconomic strata. The values estimated in this work can be used to feed a cost-benefit analysis in evaluations for the construction, expansion, and rehabilitation of urban green spaces. It is recommended that a similar study be conducted in lower income neighborhoods to define the type of anthropically designed green areas that can be afforded and at the same time provide cultural ecosystem services.
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