The Effect of Urban Green Spaces on Housing Prices: Evidence from Mosow

Abstract

Urban green spaces provide a wide range of services, varying from recreational to ecosystem. Due to the densification of buildings and urbanization in Moscow, there is a reduction in the area of green spaces. This trend increases the value of existing plantings and, as a result, may affect the price of real estate located within walking distance of such objects. Does the presence of urban green spaces within walking distance affect the cost of housing? Does the effect differ depending on their size? Does the effect differ for housing from different price categories? These are the main questions considered in this study. To identify the corresponding effects, the influence of the division and size of green spaces on the cost of apartments in Moscow was analyzed. It has been found that the effect is present indeed and varies both by price categories and by the size of green spaces. The results proof the value of urban green spaces and the services they provide to consumers. Moreover, they allow for evaluation of the effect of current development policies in Moscow and provide insights for further high-quality urban planning.