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The impact of residential development on nearby housing prices

Tutkimustuotosvertaisarvioitu

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The impact of residential development on nearby housing prices. / Kurvinen, Antti ; Vihola, Jaakko.

julkaisussa: International Journal of Housing Markets and Analysis, Vuosikerta 9, Nro 4, 2016, s. 671-690.

Tutkimustuotosvertaisarvioitu

Harvard

Kurvinen, A & Vihola, J 2016, 'The impact of residential development on nearby housing prices' International Journal of Housing Markets and Analysis, Vuosikerta. 9, Nro 4, Sivut 671-690. https://doi.org/10.1108/IJHMA-10-2015-0069

APA

Vancouver

Author

Kurvinen, Antti ; Vihola, Jaakko. / The impact of residential development on nearby housing prices. Julkaisussa: International Journal of Housing Markets and Analysis. 2016 ; Vuosikerta 9, Nro 4. Sivut 671-690.

Bibtex - Lataa

@article{d14c01d722cf4615823d51d5b6a9be21,
title = "The impact of residential development on nearby housing prices",
abstract = "Purpose - Even as multi-story apartment building development proposals in existing neighbourhoods represent a substantial component of policy debate at local planning boards, there is limited evidence for the impact of such residential developments on surrounding apartment values. The void in knowledge is addressed in this study, and the impact of multi-story apartment building developments on apartment values in residential high-rise areas located outside city and district centres is investigated in Helsinki Metropolitan Area, Finland.Design/methodology/approach - Whether a multi-story apartment building development is followed by an increase in housing values depends on both positive and negative externalities. To specify valuation effects of proximate development projects, advanced research design combining matched sample methodology and hedonic-based difference-in-difference approach is used.Findings It appears from the analysis that completion of a single multi-story apartment building has an immediate positive impact on apartment values within 300 metre radius. While, there is no statistically significant impact on price trend.Research limitations - This paper studies apartment values only in Helsinki Metropolitan Area, Finland, and it is important to notice that local regulations and market conditions may have a notable impact on the outcomes.Originality/value This study is the first of its kind to provide with statistically significant evidence for positive impacts from multi-story apartment building development in Finnish residential high-rise areas, and may have a crucial role in helping to dispel prejudices related to such developments.",
keywords = "residential real estate, real estate development, infill development, externalities, residential property values, multi-story apartment buildings",
author = "Antti Kurvinen and Jaakko Vihola",
year = "2016",
doi = "10.1108/IJHMA-10-2015-0069",
language = "English",
volume = "9",
pages = "671--690",
journal = "International Journal of Housing Markets and Analysis",
issn = "1753-8270",
publisher = "Emerald",
number = "4",

}

RIS (suitable for import to EndNote) - Lataa

TY - JOUR

T1 - The impact of residential development on nearby housing prices

AU - Kurvinen, Antti

AU - Vihola, Jaakko

PY - 2016

Y1 - 2016

N2 - Purpose - Even as multi-story apartment building development proposals in existing neighbourhoods represent a substantial component of policy debate at local planning boards, there is limited evidence for the impact of such residential developments on surrounding apartment values. The void in knowledge is addressed in this study, and the impact of multi-story apartment building developments on apartment values in residential high-rise areas located outside city and district centres is investigated in Helsinki Metropolitan Area, Finland.Design/methodology/approach - Whether a multi-story apartment building development is followed by an increase in housing values depends on both positive and negative externalities. To specify valuation effects of proximate development projects, advanced research design combining matched sample methodology and hedonic-based difference-in-difference approach is used.Findings It appears from the analysis that completion of a single multi-story apartment building has an immediate positive impact on apartment values within 300 metre radius. While, there is no statistically significant impact on price trend.Research limitations - This paper studies apartment values only in Helsinki Metropolitan Area, Finland, and it is important to notice that local regulations and market conditions may have a notable impact on the outcomes.Originality/value This study is the first of its kind to provide with statistically significant evidence for positive impacts from multi-story apartment building development in Finnish residential high-rise areas, and may have a crucial role in helping to dispel prejudices related to such developments.

AB - Purpose - Even as multi-story apartment building development proposals in existing neighbourhoods represent a substantial component of policy debate at local planning boards, there is limited evidence for the impact of such residential developments on surrounding apartment values. The void in knowledge is addressed in this study, and the impact of multi-story apartment building developments on apartment values in residential high-rise areas located outside city and district centres is investigated in Helsinki Metropolitan Area, Finland.Design/methodology/approach - Whether a multi-story apartment building development is followed by an increase in housing values depends on both positive and negative externalities. To specify valuation effects of proximate development projects, advanced research design combining matched sample methodology and hedonic-based difference-in-difference approach is used.Findings It appears from the analysis that completion of a single multi-story apartment building has an immediate positive impact on apartment values within 300 metre radius. While, there is no statistically significant impact on price trend.Research limitations - This paper studies apartment values only in Helsinki Metropolitan Area, Finland, and it is important to notice that local regulations and market conditions may have a notable impact on the outcomes.Originality/value This study is the first of its kind to provide with statistically significant evidence for positive impacts from multi-story apartment building development in Finnish residential high-rise areas, and may have a crucial role in helping to dispel prejudices related to such developments.

KW - residential real estate

KW - real estate development

KW - infill development

KW - externalities

KW - residential property values

KW - multi-story apartment buildings

U2 - 10.1108/IJHMA-10-2015-0069

DO - 10.1108/IJHMA-10-2015-0069

M3 - Article

VL - 9

SP - 671

EP - 690

JO - International Journal of Housing Markets and Analysis

JF - International Journal of Housing Markets and Analysis

SN - 1753-8270

IS - 4

ER -