Adding Value to the Urban Realm: A Study on Pedestrianization and Property Prices

Detta är en C-uppsats från Handelshögskolan i Stockholm/Institutionen för finansiell ekonomi; Handelshögskolan i Stockholm/Institutionen för nationalekonomi

Sammanfattning: Understanding the value of public space is central to local authorities and stakeholders as cities develop their physical environment. The purpose of this thesis is to elicit preferences for a car-free urban environment. We employ a difference-in-differences research design with hedonic price modelling to estimate the effect of targeted street pedestrianization on apartment prices in Stockholm's inner town. Treating the implementation of the municipal program Levande Stockholm between 2015 and 2019 as a quasi-experiment, we exploit spatial discontinuities in housing prices caused by the intervention. We seek to identify a causal relationship and deal with methodological challenges common to revealed preference studies on environmental and non-market goods. The results indicate no effect from pedestrianization on apartment prices, in spite of its increasing popularity as a neighborhood revitalization strategy. In contrast to previous studies on street qualities and housing markets, the link between the physical environment and property prices is found to be weak in the studied setting. We suggest future research to investigate how pedestrianization interacts with the local context, and address associated values not incorporated in housing markets.

  HÄR KAN DU HÄMTA UPPSATSEN I FULLTEXT. (följ länken till nästa sida)