Incidence of Different Types of Urban Green Spaces on Property Prices. A Case Study in the Flaminio District of Rome (Italy)

Abstract

Although the presence of an urban green areas seems to be an important factor in housing decisions, there are few empirical research on the incidence of different types of urban green spaces on housing prices. With reference to a study sample of apartments located in the Flaminio district of the city of Rome (Italy), an innovative data-driven technique has been implemented. In this way, it was possible to identify, among the main explanatory variables selected by the model as the most influential in real estate price formation phenomena, those relating to green areas and analyzing the marginal contribution of each of them on selling prices. The implemented methodology has allowed to obtain a model characterized by high statistical reliability, by a simplicity and high coherence in the empirical interpretation of the functional relationships between the influencing factors selected and the housing prices. The results clearly indicate that green space is not a homogeneous environmental amenity, rather it is a series of distinct elements that has a different impact on housing prices.