Cybergeo (Apr 2014)
« La mauvaise réputation ». Distance aux ZUS et prix de l’immobilier : application d’un modèle hédonique à six intercommunalités franciliennes
Abstract
Since 1996, French urban and social policies have focused on areas with enduring economic problems. Neighborhood statistics allow the mapping of “areas of deprivation”, defined by public policies as ZUS (Zones urbaines sensibles) They have been initially characterized by high rates of social housing, districts of degraded housing environment and a big mismatch between housing and employment. ZUS are mostly located in the suburbs of larger cities, and in spite of urban regeneration policies, the reputation of such places did not improve over time, and yields negative externalities on residential household choices. In order to get a better understanding upon housing markets, this paper aims to evaluate relations between prices of real estate and distance from a ZUS. To what extent do property prices increase when located out of the ZUS? To this end, we use the BIEN database (base d’informations économiques notariales) bought from the Parisian notary public board. This allows us to analyze dynamics of the residential housing market by the means of hedonic price indices in ZUS areas. Real estate data not only provides the characteristics of housing but also their location, in or out the ZUS. As a general trend, data show that house prices are negatively influenced by proximity to a ZUS, in part depending on their locations. Among the findings, the close neighbor of a ZUS generates a negative financial externality. The ambitious program of urban renewal implemented after 2004 will certainly modify this trend but we were not able to measure it within the scope of this study.
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