The Value-added Effect of Park Green Space on Residential Property in Beijing
北京建城区公园绿地的房产增值效应评估

Owing to the rapid growth of urban population, residential demand for green space has increased in recent years. Many people are willing to pay a large amount for a property located close to a park than for a house that does not offer this amenity. A large number of notions that parks have a positive impact on proximate property values have been recognized abroad. However, few studies evaluate the effect of park green space on property values in China. In this study, we first investigated prices of 76 residential quarters around 15 parks in Beijing; then we analyzed the impact distance of parks on house price and the value-added coefficient with hedonic price model and studied the influence of park green space on estate value distance with two function analysis method; at last, we estimated the impacts of 18, 100 hm2 of park green space in build up area of Beijing on the value added of surrounding lands based on the inventory data of urban green space in Beijing(2009). In addition, Geographic information system(GIS) drawing auxiliary was used to calculate the potential area of Beijing city park green space, which influences the real estate price. The results show that the appreciation of housing prices presents close relation with the distance, as distance increases it decreases gradually. Nevertheless, the average effect distance is just 1.38 km. The location of park also influences the economic effect of parks on property value, the increasing rate of housing price decreasing from inner urban area to the city outskirt, and the average appreciation coefficient is 10.9 %. Based on this, it is estimated that the park green space in Beijing city could promote the appreciation of 12, 5600 hm2 of lands, which covers 7.66% of the administrative area. According to the residential land price in 2009, the park green space has provided 5.502 billion RMB for the residential land earnings, with annual average appreciation of 0.44 million RMB per hectare, which is two times as the special level maintenance cost of green paces. This study can contribute to the location of residential development and the planning and management of urban green spaces.