Impact of urban forests on housing prices in Nanjing

다국어 초록 (Multilingual Abstract)

This study conducts exploratory research on the impact of urban forests on housing prices to find out the relationship between housing prices and distance from the urban forest, so that to announce the value of urban forestry.
The study takes Nanjing city as the case study, applies the hedonic prices method as the research guide, utilizes GIS technology as the tool to measure the distance, and the multiple linear regression method to explore the impact of urban forests on urban housing prices. During the study, all the residential areas (totally 125 units) in the south of Zhongshan scenic spot in Nanjing city within a 3km straight line distance from the mountain are chosen. The factors related to housing prices such as housing age, bus, subway, hospital, school, distance to CBD, and distance to the urban forest are considered.
The result of the study shows that the effect of urban forests on housing prices is statistically significant. 1km far away from the urban forest, around 3375.80 Yuan/m2 will be lost. Thus, urban forests can bring obvious value and benefits to the city, so that to affect housing value and price.

국문 초록 (Abstract)

본 연구는 도시숲이 주택가격에 미치는 영향에 대한 탐색적 연구를 통해 주택가격과 도시숲과의 거리 간 관계를 규명하고 도시임업의 가치를 알리고자 한다.
본 연구는 난징시를 사례 연구로 채택했고 헤도닉 가격방법(Hedonic Prices Method)을 연구 지침으로 적용했으며, 거리 측정 도구로 GIS 기술을 활용하고 도시숲이 도시 주택 가격에 미치는 영향을 파악하기 위해 다중 선형 회귀 방법을 사용했다. 연구가 진행되는 동안 산에서 직선거리 3km 이내 난징시 중산(Zhongshan) 경승지 남쪽에 위치한 모든 주거 지역(총 125개 주택)이 선택되었다. 주택연식, 버스, 지하철, 병원, 학교, 도심까지의 거리, 도시숲과의 거리 등 주택가격과 관련된 요인이 고려되었다.
연구 결과, 도시숲이 주택가격에 미치는 영향은 통계적으로 유의한 것으로 나타났다. 도시숲에서 1km 떨어진 곳의 경우, 약 3375.80 위안/m2가 손실되는 것으로 파악되었다. 따라서 도시숲은 도시에 명백한 가치와 이점을 가져다 줄 수 있으므로 주택 가치와 가격에 영향을 미칠 것으로 판단된다.

목차 (Table of Contents)

• 1. INTRODUCTION 1
• 1.1 Background 1
• 1.2 Research Objectives 2
• 1.3 Scope 3
• 1.4 Significance of the Research 3
• 1.5 Organization of the Thesis 4
• 1.6 Conceptual Framework 5
• 2. LITERATURE REVIEW 6
• 2.1 Definition of Housing Price 6
• 2.2 Time Limit of Land Ownership in China 6
• 2.3 Definition of Urban Forest 7
• 2.4 Benefit of Urban Forest 9
• 2.4.1 Environmental Benefits 9
• 2.4.2 Social Benefits 12
• 2.4.3 Economic benefits 15
• 2.5 Urban Forest Management in Urban Expansion 15
• 2.5.1 Urbanization process of Nanjing 15
• 2.5.2 Change of Uban Forest in Urban Expansion 19
• 2.5.3 Current Situation of the Urban Forest Management 21
• 2.6 The Hedonic Prices Method 23
• 2.6.1 Definition of the Hedonic Prices Method 23
• 2.6.2 Application of the Hedonic Prices Method 25
• 2.6.3 Hedonic Regression and Analysis Models 25
• 2.6.4 Advantages and Disadvantages 26
• 2.6.5 Examples of Hedonic Prices Method 27
• 3. RESEARCH METHODOLOGY 31
• 3.1 Selection of Case Study 31
• 3.1.1 Location of the study 31
• 3.1.2 Introduction of Zhongshan Scenic Spot 32
• 3.1.3 Reason for choosing the location 33
• 3.2 Research Design 33
• 3.3 Concept of Residential Area and Sample Screening 37
• 3.3.1 Residential Area and Housing 37
• 3.3.2 Sample screening 38
• 4. DATA ANALYSIS AND INTERPRETATIONS 40
• 4.1 Data Analysis 40
• 4.1.1 Univariate Statistics of Variables 40
• 4.1.2 Preliminary Data Results 41
• 4.1.3 Multiple Stepwise Regression Analysis 42
• 4.1.4 Standard Error report 45
• 4.2 Overall Model Test 46
• 4.2.1 Model Diagnosis 46
• 4.2.2 Durbin Watson test and Non-constant Variance Score Test 48
• 4.2.3 Variance Inflation Factor Test 49
• 5 CONCLUSIONS 51
• 5.1 Limitation of the study 51
• 5.2 Results comparison with other studies 51
• 5.3 Conclusions 53
• 5.4 Recommendations for future studies 54
• BIBLIOGRAPHY 55
• 초록 59
• ACKNOWLEDGEMENT 60