TY - JOUR
T1 - Value of urban views in a bay city
T2 - Hedonic analysis with the spatial multilevel additive regression (SMAR) model
AU - Yamagata, Yoshiki
AU - Murakami, Daisuke
AU - Yoshida, Takahiro
AU - Seya, Hajime
AU - Kuroda, Sho
N1 - Funding Information:
We thank the staff of Geospatial Information Authority of Japan, who provided us with the LiDAR data and aerial photos. We thank Dr. Simon Benger (Flinders University), Dr. Perry Yang (Georgia Institute of Technology), Dr. Morito Tsutsumi (University of Tsukuba), Dr. Masaki Mori (National University of Singapore), and Dr. Yuichiro Kawaguchi (Waseda University) for their scientific advice regarding this and other relevant studies. We also thank Drs. Hasi Bagan, Masatomo Hayashi, and Habura Borjigin (NIES) who helped with the data processing of remote sensing. This study was funded by the “Research Program on Climate Change Adaptation (RECCA)” of the Ministry of Education, Culture, Sports, Science and Technology , Japan.
Publisher Copyright:
© 2016 Elsevier B.V.
PY - 2016/7/1
Y1 - 2016/7/1
N2 - This paper attempts to assess the value of urban views in a bay city (Yokohama), Japan. Firstly, three types of views, open view (goodness of visibility), green view (visibility of open space), and ocean view (visibility of ocean), were quantified employing the viewshed analysis implemented on the GIS with airborne LiDAR data and 0.5 m × 0.5 m high resolution aerial photos. Secondly, hedonic analyses were conducted to test the capitalization of value of those views into condominium prices using the spatial multilevel additive regression (SMAR) model, where possible non-linearity, multilevel structure of condominiums (unit-building), and spatial dependence were considered. This study implies that "very nice" open view (in terms of the amount of visibility) and ocean view may have a positive premium, whereas "slightly nice" open and ocean views may not. Also, a "moderate amount" of green view may raise condominium prices, but "poor" and "too much" green view may reduce condominium prices. These results indicate that the effects of views are indeed non-linear, and therefore it may be misleading to interpret the results obtained by linear models as existing studies have done.
AB - This paper attempts to assess the value of urban views in a bay city (Yokohama), Japan. Firstly, three types of views, open view (goodness of visibility), green view (visibility of open space), and ocean view (visibility of ocean), were quantified employing the viewshed analysis implemented on the GIS with airborne LiDAR data and 0.5 m × 0.5 m high resolution aerial photos. Secondly, hedonic analyses were conducted to test the capitalization of value of those views into condominium prices using the spatial multilevel additive regression (SMAR) model, where possible non-linearity, multilevel structure of condominiums (unit-building), and spatial dependence were considered. This study implies that "very nice" open view (in terms of the amount of visibility) and ocean view may have a positive premium, whereas "slightly nice" open and ocean views may not. Also, a "moderate amount" of green view may raise condominium prices, but "poor" and "too much" green view may reduce condominium prices. These results indicate that the effects of views are indeed non-linear, and therefore it may be misleading to interpret the results obtained by linear models as existing studies have done.
KW - Hedonic analysis
KW - LiDAR data
KW - Spatial multilevel additive model
KW - View
KW - Viewshed analysis
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U2 - 10.1016/j.landurbplan.2016.02.008
DO - 10.1016/j.landurbplan.2016.02.008
M3 - Article
AN - SCOPUS:84971280035
SN - 0169-2046
VL - 151
SP - 89
EP - 102
JO - Landscape Planning
JF - Landscape Planning
ER -