Impact of Public Spaces on Real Estate Prices

Student: Semenova Anna

Supervisor:

Educational Programme: Joint HSE-NES Undergraduate Program in Economics (Bachelor)

Final Grade: 10

Year of Graduation: 2018

Do public spaces matter? For decades pedestrian zones and parks were largely overlooked by city planners, with a focus being on cars. Lately, the focus has shifted onto redesigning public spaces to make cities a safer and more comfortable place to live. This paper estimates the profits from urban public spaces in the Russian setting. I use data on apartment sale advertisements in Saratov in combination with GIS techniques. I then implement hedonic price analysis to quantify the influence of nearby public spaces. My findings suggest that urban parks in close vicinity significantly increase apartment price and that the value of proximity is higher in the city centre.

Full text (added May 30, 2018)

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