PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2020 | 13 | nr 4 | 38--53
Tytuł artykułu

The Influence of Architecture on Real Estate Market Value: A Methodological Framework

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The built environment takes a core position between architectural professionals, economists, geographers, and other fields. The object of this research is the mechanism of value transfers between architectural objects and their market value. Architecture is the art and science of designing space from the macro level of urban planning, urban design, and landscape architecture to the micro level of construction details and, sometimes, furniture. Architectural variables in econometric models are used to identify spatial dependency, spillovers of value, externalities, links between 'good' architecture and market value, heritage aspects, contributions to sustainable development, and architecture as public good. While many studies have focused on the determinants of the real estate market value, the aim of this research is to capture the areas of influence of architectural variables on the market value of a property. To structure that influence, we analyzed the types of value a built environment can generate and the determinants of real estate market value. A mechanism of value transfers between architecture and the real estate market value is presented in a proposed framework. The implications of the framework and future research are discussed. (original abstract)
Rocznik
Tom
13
Numer
Strony
38--53
Opis fizyczny
Twórcy
  • Kaunas University of Technology, Lithuania
  • Kaunas University of Technology, Lithuania
  • WSB University in Poznan, Poland
  • Calisia University - Kalisz, Poland
Bibliografia
  • Ahlfeldt, G., & Mastro, A. (2012). Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois. Housing Studies, 27(8), 1079-1099. https://doi.org/10.1080/02673037.2012.728575
  • AI (1996). The appraisal of real estate. Appraisal Institute.
  • Anselin, L. (1988). Spatial econometrics: methods and models. Kluwer Academic Publishers.
  • Aranburu, I., Plaza, B., & Esteban, M. (2016, Aug). Sustainable Cultural Tourism in Urban Destinations: Does Space Matter? Sustainability, 8(8), Article 699. https://doi.org/10.3390/su8080699
  • Asabere, P., Hachey, G., & Grubaugh, S. (1989). Architecture, Historic Zoning, and the Value of Homes. The Journal of Real Estate Finance and Economics, 2, 181-195. https://doi.org/10.1007/BF00152347
  • Been, V., Ellen, I. G., Gedal, M., Glaeser, E., & McCabe, B. J. (2016). Preserving history or restricting development? The heterogeneous effects of historic districts on local housing markets in New York City. Journal of Urban Economics, 92, 16-30. https://doi.org/10.1016/j.jue.2015.12.002
  • Bowler, D. E., Buyung-Ali, L., Knight, T. M., & Pullin, A. S. (2010). Urban greening to cool towns and cities: A systematic review of the empirical evidence. Landscape and Urban Planning, 97(3), 147-155. https://doi.org/10.1016/j.landurbplan.2010.05.006
  • Buitelaar, E., & Schilder, F. (2017). The Economics of Style: Measuring the Price Effect of Neo-Traditional Architecture in Housing. Real Estate Economics, 45(1), 7-27. https://doi.org/10.1111/1540-6229.12137
  • Callicott, J. B., & Shaner, D. E. (1989). In Defense of the Land Ethic: Essays in Environmental Philosophy. State University of New York Press.
  • Can, A. (1990). The Measurement of Neighborhood Dynamics in Urban House Prices. Economic Geography, 66(3), 254-272. https://doi.org/10.2307/143400
  • Can, A. (1992). Specification and estimation of hedonic housing price models. Regional Science and Urban Economics, 22(3), 453-474. https://doi.org/10.1016/0166-0462(92)90039-4
  • Carmona, M. (2019). Place value: place quality and its impact on health, social, economic and environmental outcomes. Journal of Urban Design, 24(1), 1-48. https://doi.org/10.1080/13574809.2018.1472523
  • Carmona, M., De Magalhaes, C., Edwards, M., Awuor, B., & Aminossehe, S. (2001). The Value of Urban Design. London: Thomas Telford.
  • Cellmer, R., & Trojanek, R. (2019). Towards increasing residential market transparency: Mapping local housing prices and dynamics. ISPRS International Journal of Geo-Information, 9(1). https://doi.org/10.3390/ijgi9010002
  • Champ, P. A., Boyle, K., & Brown, T. C. (2017). A Primer on Nonmarket Valuation. Dordrecht: Springer.
  • Chen, Y., Li, X., Zheng, Y., Guan, Y., & Liu, X. (2011). Estimating the relationship between urban forms and energy consumption: A case study in the Pearl River Delta, 2005-2008. Landscape and Urban Planning, 102, 33-42. https://doi.org/10.1016/j.landurbplan.2011.03.007
  • Costanza, R., & Folke, C. (1997). Valuing ecosystem services with efficiency, fairness and sustainability as goals. In G. Daily (Ed.), Nature's Services: Societal Dependence on Natural Ecosystems (pp. 49-70). Island Press.
  • Coulson, N. E., & Lahr, M. L. (2005). Gracing the Land of Elvis and Beale Street: Historic Designation and Property Values in Memphis. Real Estate Economics, 33(3), 487-507. https://doi.org/10.1111/j.1540-6229.2005.00127.x
  • Dubin, R. A. (1988). Estimation of Regression Coefficients in the Presence of Spatially Autocorrelated Error Terms. The Review of Economics and Statistics, 70(3), 466-474. https://doi.org/10.2307/1926785
  • Ewing, R., & Rong, F. (2008). The impact of urban form on U.S. residential energy use. Housing Policy Debate, 19(1), 1- 30. https://doi.org/10.1080/10511482.2008.9521624
  • Fadaei, S., Iulo, L. D., & Yoshida, J. (2015). Architecture: A missing piece in real-estate studies of sustainable houses. Defining the Future of Sustainability and Resilience in Design, Engineering and Construction, 118, 813-818. https://doi.org/10.1016/j.proeng.2015.08.518
  • Fuerst, F., McAllister, P., & Murray, C. B. (2011). Designer Buildings: Estimating the Economic Value of 'Signature' Architecture. Environment and Planning A: Economy and Space, 43(1), 166-184. https://doi.org/10.1068/a43270
  • Gat, D. (1998). Urban Focal Points and Design Quality Influence Rents: The Case of the Tel Aviv Office Market. The Journal of Real Estate Research, 16(2), 229-247.
  • Glaeser, E. L., Kincaid, M. S., & Naik, N. (2018). Computer Vision and Real Estate: Do Looks Matter and Do Incentives Determine Looks. National Bureau of Economic Research Working Paper Series, No. 25174. https://doi.org/10.3386/w25174
  • Gong, Y., Boelhouwer, P., & de Haan, J. (2016). Interurban house price gradient: Effect of urban hierarchy distance on house prices. Urban Studies, 53(15), 3317-3335. https://doi.org/10.1177/0042098015608090
  • Hayllar, B., Griffin, T., & Edwards, D. (2008). City Spaces - Tourist Places: Urban Tourism Precincts. ButterworthHeinemann. https://doi.org/10.1016/B978-0-7506-8195-7.00019-6
  • Honold, J., Beyer, R., Lakes, T., & van der Meer, E. (2012). Multiple environmental burdens and neighborhood-related health of city residents. Journal of Environmental Psychology, 32(4), 305-317. https://doi.org/10.1016/j.jenvp.2012.05.002
  • Hough, D. E., & Kratz, C. G. (1983, 1983/07/01/). Can "good" architecture meet the market test? Journal of Urban Economics, 14(1), 40-54. https://doi.org/10.1016/0094-1190(83)90028-1
  • Hypostat (2019). Hypostat 2019: A Review of Europe's Mortgage and Housing Markets. (2019). European Mortgage Federation.
  • Jadevicius, A. (2016). Macro-determinants of the Lithuanian housing market: a test for Granger causality. Journal of Baltic Studies, 47(3), 385-398. https://doi.org/10.1080/01629778.2016.1141105
  • Jamei, E., Rajagopalan, P., Seyedmahmoudian, M., & Jamei, Y. (2016). Review on the impact of urban geometry and pedestrian level greening on outdoor thermal comfort. Renewable and Sustainable Energy Reviews, 54, 1002-1017. https://doi.org/10.1016/j.rser.2015.10.104
  • Ko, Y., & Radke, J. D. (2014). The Effect of Urban Form and Residential Cooling Energy Use in Sacramento, California. Environment and Planning B: Planning and Design, 41(4), 573-593. https://doi.org/10.1068/b12038p
  • Lazrak, F., Nijkamp, P., Rietveld, P., & Rouwendal, J. (2014). The market value of cultural heritage in urban areas: an application of spatial hedonic pricing. Journal of Geographical Systems, 16(1), 89-114. https://doi.org/10.1007/s10109-013-0188-1
  • Le Sage, J. P. (1998). Spatial econometrics. Unpublished manuscript.
  • Le Sage, J. P., & Pace, R. K. (2009). Introduction to Spatial Econometrics. CRC Press.
  • Lee, S., & Lee, B. (2014). The influence of urban form on GHG emissions in the U.S. household sector. Energy Policy, 68, 534-549. https://doi.org/10.1016/j.enpol.2014.01.024
  • Macmillan, S. (2006). Added value of good design. Building Research & Information, 34(3), 257-271. https://doi.org/10.1080/09613210600590074
  • Nakamura, K., & Hayashi, Y. (2013). Strategies and instruments for low-carbon urban transport: An international review on trends and effects. Transport Policy, 29, 264-274. https://doi.org/10.1016/j.tranpol.2012.07.003
  • Nasdaq Baltic. (2019). Retrieved March 7, 2020, from https://www.nasdaqbaltic.com/
  • Nase, I., Berry, J., & Adair, A. (2015). Urban design quality and real estate value: in search of a methodological framework. Journal of Urban Design, 20(5), 563-581. https://doi.org/10.1080/13574809.2015.1071657
  • Nase, I., Berry, J., & Adair, A. (2016). Impact of quality-led design on real estate value: a spatiotemporal analysis of city centre apartments. Journal of Property Research, 33(4), 309-331. https://doi.org/10.1080/09599916.2016.1258588
  • Rashkin, S. (2010). Retooling the U.S. Housing Industry: How It Got Here, Why It's Broken, How To Fix It. Cengage Learning.
  • Ratti, C., Baker, N., & Steemers, K. (2005). Energy consumption and urban texture. Energy and Buildings, 37(7), 762-776. https://doi.org/10.1016/j.enbuild.2004.10.010
  • RICS (2019). RICS Valuation - Global Standards. Royal Institution of Chartered Surveyors.
  • Rudokas, K., Landauskas, M., Viliūnienė, O., & Gražulevičiūtė-Vileniškė, I. (2019). Hedonic analysis of housing prices and development in Kaunas: heritage aspect. Environmental research, engineering and management, 75(2), 15-27. https://doi.org/10.5755/j01.erem.75.2.22823
  • Scerri, M., Edwards, D., & Foley, C. (2019). Design, architecture and the value to tourism. Tourism Economics, 25(5), 695-710. https://doi.org/10.1177/1354816618802107
  • Stamou, M., Mimis, A., & Rovolis, A. (2017). House price determinants in Athens: a spatial econometric approach. Journal of Property Research, 34(4), 269-284. https://doi.org/10.1080/09599916.2017.1400575
  • Trojanek, R. (2016). The Impact of Green Areas on Dwelling Prices: the Case of Poznań City. Entrepreneurial Business and Economics Review, 4(2), 27-35. https://doi.org/10.15678/EBER.2016.040203
  • Trojanek, R., & Huderek-Glapska, S. (2018). Measuring the noise cost of aviation - The association between the Limited Use Area around Warsaw Chopin Airport and property values. Journal of Air Transport Management, 67(July 2017), 103-114. https://doi.org/10.1016/j.jairtraman.2017.12.002
  • Trojanek, R., Tanas, J., & Trojanek, M. (2019). The effect of perpetual usufruct on single- family house prices in Poznań. Journal of International Studies, 12, 212-221. https://doi.org/10.14254/2071-8330.2019/12-3/17
  • Vandell, K. D., & Lane, J. S. (1989). The Economics of Architecture and Urban Design: Some Preliminary Findings. Real Estate Economics, 17(2), 235-260. https://doi.org/10.1111/1540-6229.00489
  • Wilhelmsson, M. (2002). Spatial Models in Real Estate Economics. Housing, Theory and Society, 19(2), 92-101. https://doi.org/10.1080/140360902760385646
  • Wilhelmsson, M. (2004). A method to derive housing sub-markets and reduce spatial dependency. Property Management, 22(4), 276-288. https://doi.org/10.1108/02637470410558143
  • Zhou, J., Lin, J., Cui, S., Qiu, Q., & Zhao, Q. (2013). Exploring the relationship between urban transportation energy consumption and transition of settlement morphology: A case study on Xiamen Island, China. Habitat International, 37, 70-79. https://doi.org/https://doi.org/10.1016/j.habitatint.2011.12.008
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171610717

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.