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

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. U...

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Main Authors: Xun Li, Qingyu He, Wenwen Huang, Siu-Tai Tsim, Jian-Wen Qiu
Format: Article
Language:English
Published: MDPI AG 2025-01-01
Series:Land
Subjects:
Online Access:https://www.mdpi.com/2073-445X/14/1/182
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author Xun Li
Qingyu He
Wenwen Huang
Siu-Tai Tsim
Jian-Wen Qiu
author_facet Xun Li
Qingyu He
Wenwen Huang
Siu-Tai Tsim
Jian-Wen Qiu
author_sort Xun Li
collection DOAJ
description 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.
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institution Kabale University
issn 2073-445X
language English
publishDate 2025-01-01
publisher MDPI AG
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series Land
spelling doaj-art-1a1ffcde7c884e0892def0f714bef0cc2025-01-24T13:38:14ZengMDPI AGLand2073-445X2025-01-0114118210.3390/land14010182Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic AnalysisXun Li0Qingyu He1Wenwen Huang2Siu-Tai Tsim3Jian-Wen Qiu4Guangdong Provincial/Zhuhai Key Laboratory of Interdisciplinary Research and Application for Data Science, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, ChinaDepartment of Life Sciences, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, ChinaDepartment of Life Sciences, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, ChinaGuangdong Provincial/Zhuhai Key Laboratory of Interdisciplinary Research and Application for Data Science, Beijing Normal University-Hong Kong Baptist University United International College, Zhuhai 519087, ChinaDepartment of Biology, Hong Kong Baptist University, Kowloon, Hong Kong, ChinaUrban 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.https://www.mdpi.com/2073-445X/14/1/182urban parkhedonic price model3-D spatial modelmultilevel model
spellingShingle Xun Li
Qingyu He
Wenwen Huang
Siu-Tai Tsim
Jian-Wen Qiu
Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis
Land
urban park
hedonic price model
3-D spatial model
multilevel model
title Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis
title_full Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis
title_fullStr Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis
title_full_unstemmed Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis
title_short Valuation of Urban Parks Under the Three-Level Park System in Shenzhen: A Hedonic Analysis
title_sort valuation of urban parks under the three level park system in shenzhen a hedonic analysis
topic urban park
hedonic price model
3-D spatial model
multilevel model
url https://www.mdpi.com/2073-445X/14/1/182
work_keys_str_mv AT xunli valuationofurbanparksunderthethreelevelparksysteminshenzhenahedonicanalysis
AT qingyuhe valuationofurbanparksunderthethreelevelparksysteminshenzhenahedonicanalysis
AT wenwenhuang valuationofurbanparksunderthethreelevelparksysteminshenzhenahedonicanalysis
AT siutaitsim valuationofurbanparksunderthethreelevelparksysteminshenzhenahedonicanalysis
AT jianwenqiu valuationofurbanparksunderthethreelevelparksysteminshenzhenahedonicanalysis