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Canals vs. Streams: To What Extent Do Water Quality and Proximity Affect Real Estate Values? A Hedonic Approach Analysis

机译:运河与河流:水质和邻近程度在多大程度上影响房地产价值?享乐主义分析

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The presence of and proximity to water influences human settlement decisions, because water has been able to characterize the environment and affect human health since prehistoric times. Many scholars have studied the effects of environmental amenities on the real estate market; however, only a few of them have explored the effects of water. This study stresses the role of water with a focus on the dichotomy between artificial and natural waterways (canals vs. streams), which involves managerial and qualitative differences. A hedonic approach, based on a large web scraped and geo-referenced dataset of 10,530 observations, is used to analyze the effect of water proximity and quality on residential housing prices in the province of Milan (Italy). Our main results show a significant but conflicting impact of water proximity on real estate value: reducing the canal distance, we observe an increase in the residential housing sale price, in urban more than peri-urban environments; in contrast, reducing the stream distance, our results show decreases in property value. Moreover, a significant moderating effect of water quality on distance from streams is identifiable.
机译:自史前以来,水就能够表征环境并影响人类健康,因此水的存在和与水的接触会影响人类的定居决策。许多学者研究了环境便利设施对房地产市场的影响。但是,只有少数人探索了水的影响。这项研究强调了水的作用,重点是人工水道与天然水道之间的二分法(运河与河流),这涉及管理和质量上的差异。一种享乐主义的方法,基于对10,530个观测值的大型网络抓取和地理参考数据集,用于分析水深和水质对米兰省(意大利)住宅价格的影响。我们的主要结果表明,邻近水域对房地产价值产生了重大但相互矛盾的影响:减少运河距离,我们观察到在城市环境中,而不是在城市周边环境中,住宅房屋销售价格的上涨;相反,减少流距离,我们的结果表明属性值降低。此外,可以确定水质对距溪流距离的显着调节作用。

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