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Hedonic Property Pricing

Using the resource
Requirements for using the resource:
<ul>
<li>The Hedonic Property Pricing method requires large data sets of property sales statistics with physical characteristics of the property itself - and particularly for ecosystem services - e.g. characteristics of green infrastructure in the neighborhood</li>
<li>Medium-term (1-2 years)</li>
<li>Medium-demanding (6-12 PMs)</li>
</ul>
Potential benefits from using the resource
Recognised and established approach
Potentially compatible with national accounting standards
Provides both public and private economic rationales for providing ecosystem services /amenities from green infrastructure
Potential limitations from using the resource
Requires large panel data sets of property sales data
Requires extensive GIS pre-processing of neighbourhood characteristics
Results are sensitive to modeling assumptions regarding spatial auto-collinearity
Scope
Scale of application:
Local
Practical information
UN languages in which the resource is available:
Other languages in which the resource is available:
Dutch
Finnish (Finland)
Spanish
Development stage:
Full, working product
Contact details
Resources
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Hedonic Property Pricing is the study of multi-correlation between environmental characteristics of a good and its sales price. It can be used to estimate monetary values for ecosystem services that directly affect amenities of properties which in turn are reflected in property prices.

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