Environmental Amentities on the Housing Market in Warsaw Hedonic Price Method Research

• Autorzy: Marta Borkowska , Magdalena Rozwadowska , Jerzy Śleszyński , Tomasz Żylicz
• Języki publikacji: EN

Abstrakty

EN

The paper reports on a 1999 survey of prices of family houses and apartments in the metropolitan area of Warsaw, Poland. A series of hedonic price models were estimated in order to determine whether the prices reflected such environmental amenities as green neighborhood, clean air or low noise. House or apartment characteristics (including prices) recorded by four local real estate agencies provided the core data base of the survey.All sites were visited in order to determine characteristics not registered by the agencies and yet presumed relevant for potential buyers or tenants. Additional data were obtained by consulting maps and statistics available from Warsaw environment and transport departments. The total sample consisted of 982 observations comprising 154 explanatory variables (75 house or apartment characteristics, 55 site characteristics, and 24 environmental attributes) and prices. The sample included 395 sales and 587 rentals.Preliminary statistical analyses proved that both subsamples were very heterogeneous and hence it was necessary to analyze house and apartment markets separately. Consequently the entire data set was divided into four parts: 166 house sales, 229 apartment sales, 147 house rentals, and 440 apartment rentals. Excessive numbers of explanatory variables and multicollinearity problems called for substantial aggregation of explanatory variables. Finally 4 hedonic price equations were arrived at. These confirmed that environmental attributes did explain price differentials.Nevertheless, it was observed that what typically mattered were perceived rather than actual attributes (such as visible high stacks rather than low stack pollution sources which are more important for the local air quality). (original abstract)

W artykule przedstawiono raport z badań przeprowadzonych w 1999 roku dotyczący cen domów jednorodzinnych i apartamentów na terenie Warszawy. Modele cen hedonicznych były obliczane z uwzględnieniem wpływu bliskości kompleksów roślinnych, czystego powietrza i ciszy na ceny nieruchomości. Charakterystyka domów i apartamentów (z cenami włącznie) dostarczona została przez 4 lokalne agencje nieruchomości. (MP)

Słowa kluczowe

EN

Real estate housing; Real estate prices; Ecological assessment of investment; Hedonic price model

PL

Nieruchomości mieszkaniowe; Ceny nieruchomości; Ekologiczna ocena inwestycji; Analiza hedoniczna cen

• Czasopismo: Ekonomia / Uniwersytet Warszawski
• Rocznik: 2001
• Numer: nr 3
• Strony: 70--82

Twórcy

autor

Marta Borkowska

autor

Magdalena Rozwadowska

autor

Jerzy Śleszyński

autor

Tomasz Żylicz

Bibliografia

• Anderson G. D. and R. C. Bishop, 1986, "Policy problems and contemporary analysis", in: D. W. Bromley (ed.), Natural Resource Economics, pp. 89-137.
• Bateman I. J. 1993, "Valuation of the Environment, Methods and Techniques: Revealed Preference Methods", in: R. K. Turner (ed.), Sustainable Environmental Economics and Management Principles and Practice, Belhaven Press, London, pp. 233-265.
• Borkowska M., 2000, Badanie wpływu jakości powietrza oraz hałasu na ceny najmu i sprzedaży nieruchomości w Warszawie i okolicach-zastosowanie metody cen hedo-nicznych, MA Thesis, Warsaw University, Economics Department [Impact of air quality and noise on price in real estate markets in Warsaw metropolitan area-an application of the hedonic price method].
• Brzeski W., 1996, "Nieruchomości w procesie transformacji gospodarczej", Nieruchomość 2 (June) ("Real estate in the process of economic transformation"].
• Garrod G. and K. Willis 1992, "Amenity Value of Woodland in Great Britain", Environmental and Resource Economics 2(4), pp. 416-432.
• Geoghegan J., L. A. Waigner and N. E. Bockstael, 1997, "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS", Ecological Economics 23, pp. 251-264.
• Huang J. C. and V. K. Smith, 1993, "Hedonic Models and Air Pollution: Twenty Five Years and Counting", Environmental and Resource Economics 3(3), pp. 381-394.
• Kalkowski L., 1996, "Wielkość i struktura rynku nieruchomości w Polsce", Problemy rozwoju budownictwa 4 ("Volume and structure of real estate market in Poland"].
• Koska T. and S. Przewlocki, 1997, "Analiza niektórych zachowań uczestników rynku nieruchomości", Wycena 5 ("Analysis of behaviour in real estate market"].
• Rozwadowska M., 2000, Badanie wpływu walorów widokowych i kompleksów roślinnych na ceny nieruchomości w Warszawie i okolicach-zastosowanie metody cen hedonicz-nych, M.A. Thesis, Warsaw University, Department of Economics [Impact of land use and aesthetic amenities on prices in real estate markets in Warsaw metropolitan area-an application of the hedonic price method].