Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis

Abstract

Urban parks play a pivotal role in fostering ecologically advanced cities in China, contributing significantly to enhancing urban environments and the overall quality of life for residents. However, their value is often hard to quantify by urban planners due to the absence of a clear market price. Using the hedonic price method, this study delves into the distinct impacts of different types of urban parks (community parks, city parks, country parks) on housing prices under the three-level park system in Shenzhen. The outcomes reveal that owning a view of both city parks and country parks from the apartment has significant positive influence on housing prices, with a premium of 14.8916% (RMB 920,396.73) and 30.7299% (RMB 1,899,309.15), respectively. Regarding accessibility, shortening walking distance by 100 m to the nearest community park and city park can attach a premium to the housing price by 0.3269% (RMB 20,203.55) and 0.6130% value gain (RMB 37,889.53), respectively. The results drawn from distinctive park types are expected to give insights to urban planners in formulating strategies for ecological civilization construction, with an emphasis on prioritizing visible and accessible greenspaces to cater to citizens’ preferences and foster sustainable urban growth.

Keywords

• urban park
• hedonic price model
• 3-D spatial model
• multilevel model