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Relationship Dynamics between Urban Green Spaces and Property Prices: A Study of Dynamic Behaviour Between Nature and Consumers
Abstract
Highly densified Metropolitan cities drive the property market with demand from all strata of income groups. The individual’s choice of property is highly calculative based on tangible and intangible traits of the property asset. These traits do influence property prices in positive or negative ways based on the
behavior of consumers. The structural characteristics give a positive lift to prices, whereas qualitative ones vary across consumers, one of which is urban green spaces associated with properties. This dynamic behavior of consumers for valuing the urban green spaces drives the property prices. This qualitative facet is the major source for consumers of properties considering the high demand and urban green spaces contribute substantially to the value addition of these properties. The research reflects the impact is significant in metropolitan cities and narrows down in countryside areas. The paper assimilates and analyses the literature of 185 peer-reviewed articles with emphasis on empirical studies existing on the study varying across countries and continents to determine the value of urban green spaces to the consumers. Its analysis the web of knowledge across influencing parameters and their contributions in guiding consumers’ choice of their habitat. A large literature appraises research
done on the topic globally to prepare a strong platform for a similar study in unexplored cities in other parts of the world. The article is a part of Doctoral research on “Framework for Assessing the Impact of Neighbourhood green spaces on Prices of Residential Properties, Case Study: Noida.”
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