Impact Assessment Of Open Space On Residential Land Price Based On Hedonic Model

In the past, for residential land price assessment, researches mainly focused on the attributes of a house itself, while ignoring associated factors of neighboring environments, especially the impact of open space. In general, infrastructure construction for leisure, travel and tourism could improve the value of the property. The past studies have found that natural resources would have lifting effect on the prices of perimeter house. In addition, good design planning, running or decent development could also improve the original value of natural resources in return. However, it has not been empirically tested that open spaces have influences on housing value.This study explore price factors of real estates, it focuses on the development of residential projects under the cluster effect. Methods of literature research, empirical research have been used to obtain a large number of statistical data for induction, analysis and summary. Then the Hedonic model was constructed to study the effect of open space on the residential land under the effect of the cluster effect. At last, suggestions are put forward on the ecological integration of open space under the cluster effect. This study use the spatial characteristics of price model to evaluate the property value, it includes residential cluster effect and the adjacent various protected open area into the impact factor in the process of development. Valuation model control spatial dependence and spatial auto-correlation at the same time. Modeling Hedonic equation uses 394 trading samples of real estate in JiaDing district, Shanghai, including rural and non-agricultural areas. The analysis about different types of state-owned and collective protected area is included in this study.The main findings of this study are as follows:(1) The land near national park or open spaces of cities and countries would have a significant positive impact on attribute value; (2) Affected by the cluster development, the land value would be declined to some degree. These findings by different evaluation methods would offer advice for policymakers to design development rules, the aim is to keep open spaces in the urban areas. As open space next to the residential cluster as a representative of typical model gradually mature, tourism real estate industry tend to reconsider residential land development and its influence on the surrounding environment. The pattern of Tourism real estate has been fully developed, it would make industries reconsider the influence on the surrounding environment of residential land development.