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Land
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Economic Valuation of Urban Green Spaces
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Economic Valuation of Urban Green Spaces

A special issue of Land (ISSN 2073-445X).

Deadline for manuscript submissions: 30 June 2024 | Viewed by 16419

Special Issue Editor

Prof. Dr. Elizelle Juanee Cilliers

E-Mail Website
Guest Editor
School of Built Environment, Faculty of Design Architecture and Building, University of Technology Sydney, Ultimo, NSW 2007, Australia
Interests: urban planning; sustainable cities; green infrastructure
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Green spaces are crucial in our collective quest towards the realisation of sustainable development in addition to enhancing our overall quality of life. In an attempt to raise awareness about the importance of green infrastructure and ecosystem services for human well-being and to prioritise green spaces within spatial planning decision-making process, some authors have turned to economic valuation methods to substantiate the case. It is, however, hard to quantify and measure the value of green spaces in economic terms, as subjectivity and context-based issues could further complicate the matter. Nevertheless, the economic valuation of green spaces do contribute to better understanding the multiple values pertaining to green spaces and clarifying important and often misunderstood components of the value of green spaces, especially those linked to the direct and indirect (financial, social, and environmental) benefits thereof. Research on the economic valuation of urban green spaces is however limited and not part of the mainstream spatial planning approaches. This issue will therefore explore different methods, approaches, and case studies that have considered the economic value of green spaces as applied in different global contexts. The approaches collectively presented in this issue could sensitise planners, policy makers, and decision-makers to better account for the value of these areas, the inclusion thereof in future planning approaches, and a more nuanced embedding of sustainability thinking into broader city planning initiatives.

Prof. Dr. Elizelle Juanee Cilliers
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Land is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • economic valuation
  • green spaces
  • decision-making
  • sustainable development
  • green benefits

Published Papers (7 papers)

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Research

13 pages, 2931 KiB  
Article
Green Space and Apartment Prices: Exploring the Effects of the Green Space Ratio and Visual Greenery
by Jong-Won Lee, Sang-Woo Lee, Hai Gyong Kim, Hyun-Kil Jo and Se-Rin Park
Land 2023, 12(11), 2069; https://doi.org/10.3390/land12112069 - 17 Nov 2023
Viewed by 1606
Abstract
Urban green spaces provide various social, economic, health, aesthetic, environmental, and ecological benefits. This study aimed to investigate the influence of green spaces on apartment prices, with a particular emphasis on visual greenery and the proportion of green spaces. Hedonic pricing models have [...] Read more.
Urban green spaces provide various social, economic, health, aesthetic, environmental, and ecological benefits. This study aimed to investigate the influence of green spaces on apartment prices, with a particular emphasis on visual greenery and the proportion of green spaces. Hedonic pricing models have often been used to assess the impact of green spaces on housing prices. Herein, 16 variables were considered as factors affecting housing prices and divided into housing, neighborhood, and green space characteristics. The findings indicate that the presence of green spaces enhanced the value of apartment complexes. Moreover, both visual greenery and the proportion of green spaces within apartment complexes influenced housing prices. Additional analysis demonstrated the impact of green space characteristics within Seoul apartment complexes on housing price changes from 2016 to 2022, finding that higher green space proportions and visual greenery led to approximately 20% higher price increases, and structural equation modeling revealed that the proportion of green spaces within apartment complexes, directly and indirectly, influenced housing prices through visual greenery. Overall, this study emphasized the importance of ensuring well-managed green spaces within and around apartment complexes. Full article
(This article belongs to the Special Issue Economic Valuation of Urban Green Spaces)
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24 pages, 2633 KiB  
Article
Valuing the Accessibility of Green Spaces in the Housing Market: A Spatial Hedonic Analysis in Shanghai, China
by Shenglin Ben, He Zhu, Jiajun Lu and Renfeng Wang
Land 2023, 12(9), 1660; https://doi.org/10.3390/land12091660 - 24 Aug 2023
Cited by 1 | Viewed by 1207
Abstract
As a crucial determinant of urban livability, the importance of access to high-quality green spaces has long been recognized for achieving sustainable urbanization. In urban areas, higher values are usually placed in residential properties with higher accessibility to green spaces. Using housing transaction [...] Read more.
As a crucial determinant of urban livability, the importance of access to high-quality green spaces has long been recognized for achieving sustainable urbanization. In urban areas, higher values are usually placed in residential properties with higher accessibility to green spaces. Using housing transaction data from as many as 3388 residential communities in Shanghai coupled with high-resolution satellite data of urban green spaces, we comprehensively examine the relationship between residential property values and the accessibility of both community-owned and public green spaces. We find, in instrumental-variable estimations, that: (1) home prices, on average, increase by 0.17% if the overall green space accessibility rises by 1%; and that (2) a 1% increase in the green ratio within a community raises property values by 0.46%. Moreover, the number of accessible green spaces, area of accessible green spaces, and distance to the nearest green spaces have positive impacts on home values separately. We also find strong spatial dependence in urban green spaces and unobserved price determinants, as well as heterogeneity by location, property value, and housing type. Our empirical findings provide valuable guidance for real estate developers and local governments in valuing environmental amenities and urban planning in the context of a residential housing market. Full article
(This article belongs to the Special Issue Economic Valuation of Urban Green Spaces)
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19 pages, 3863 KiB  
Article
Hydrologic Effectiveness and Economic Efficiency of Green Architecture in Selected Urbanized Catchment
by Marcin K. Widomski, Anna Musz-Pomorska and Justyna Gołębiowska
Land 2023, 12(7), 1312; https://doi.org/10.3390/land12071312 - 29 Jun 2023
Cited by 1 | Viewed by 790
Abstract
This paper presents a numerical assessment of the influence of green roofs applied in the urbanized catchment on the rainwater outflow hygrogram as well as costs and economic efficiency analysis of the proposed green architecture application. The campus basin of the Lublin University [...] Read more.
This paper presents a numerical assessment of the influence of green roofs applied in the urbanized catchment on the rainwater outflow hygrogram as well as costs and economic efficiency analysis of the proposed green architecture application. The campus basin of the Lublin University of Technology, Poland, was selected as the object of the study. Three variants of extensive green roof applications were designed. The numerical model of surface runoff was developed in US EPA’s SWMM 5.2 software. The simulations were performed for three different rainfall events of various intensities and durations. The cost efficiency of the proposed green architecture was assessed by the Dynamic Generation Costs indicator, while economic effectiveness was tested by Benefits–Costs Ratio and Payback Period determined for all assumed variants. The determination of economic efficiency indicators was based on investment and maintenance costs estimation, assumed discount rate, and time duration of assessment. Results of numerical calculations showed up to 16.81% of peak flow and 25.20% of runoff volume reduction possibly due to the green roof application. All proposed variants of green roof applications in the studied urbanized catchment were assessed as generally profitable due to possible financial benefits related to heating and cooling energy savings and avoiding periodical change of bitumen roof cover. Full article
(This article belongs to the Special Issue Economic Valuation of Urban Green Spaces)
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19 pages, 9223 KiB  
Article
Cost-Effectiveness of Nature-Based Solutions under Different Implementation Scenarios: A National Perspective for Italian Urban Areas
by Elena Di Pirro, Peter Roebeling, Lorenzo Sallustio, Marco Marchetti and Bruno Lasserre
Land 2023, 12(3), 603; https://doi.org/10.3390/land12030603 - 03 Mar 2023
Cited by 2 | Viewed by 2469
Abstract
Worldwide, national governments and private organizations are increasingly investing in Nature-Based Solutions (NBS) to foster both human well-being and biodiversity while achieving climate and environmental targets. Yet, investments in NBS remain uncoordinated among planning levels, their co-benefits underestimated, and their effectiveness undermined. This [...] Read more.
Worldwide, national governments and private organizations are increasingly investing in Nature-Based Solutions (NBS) to foster both human well-being and biodiversity while achieving climate and environmental targets. Yet, investments in NBS remain uncoordinated among planning levels, their co-benefits underestimated, and their effectiveness undermined. This study aims to provide a spatially explicit approach to optimize the budget allocation for NBS implementation across Italian urban areas while maximizing their effectiveness in terms of environmental health. We explored three different NBS implementation scenarios oriented to (i) maximize the Ecosystem Services supply of NBS (Scenario BP), (ii) minimize costs of NBS (Scenario LC), and (iii) maximize Ecosystem Services supply of NBS at the lowest cost (Scenario CP). Once selected, we prioritized their allocation through the territory following an environmental risk index for population, and we explored the relationship between costs and effectiveness for the three scenarios. The implementation of Scenario BP costs EUR 777 billion while showing 31 billion of effectiveness. Scenario LC costs 70% less than scenario BP (EUR 206 billion) while losing 70% of its effectiveness. Scenario CP costs 60% less than Scenario BP (EUR 301 billion), offering just 20% less effectiveness. Our results show that employing the risk index for NBS allocation would allow for reducing the surface of interventions by saving 67% of the budget in the three scenarios with a negligible loss in terms of return for human health. The here-proposed approach can guide the national funds’ allocation system, improving its cost-effectiveness and equitableness. Full article
(This article belongs to the Special Issue Economic Valuation of Urban Green Spaces)
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20 pages, 5276 KiB  
Article
Quantify the Contribution of Nature-Based Solutions in Reducing the Impacts of Hydro-Meteorological Hazards in the Urban Environment: A Case Study in Naples, Italy
by Maria Fabrizia Clemente, Valeria D’Ambrosio, Ferdinando Di Martino and Vittorio Miraglia
Land 2023, 12(3), 569; https://doi.org/10.3390/land12030569 - 26 Feb 2023
Cited by 1 | Viewed by 1134
Abstract
Urban areas are vulnerable to multiple risks associated with hydro-meteorological hazards (HMHs). The assessment of the climate benefits of implementing nature-based solutions (NBSs) in urban areas, especially in open spaces, is widely recognised and discussed within the scientific literature; however, the quantification of [...] Read more.
Urban areas are vulnerable to multiple risks associated with hydro-meteorological hazards (HMHs). The assessment of the climate benefits of implementing nature-based solutions (NBSs) in urban areas, especially in open spaces, is widely recognised and discussed within the scientific literature; however, the quantification of these benefits, in terms of the HMHs reduction, human safety and human well-being, is still a subject of debate. In this context, this contribution proposes a methodological approach that, starting from the analysis of the impacts of coastal flooding and in terms of the potential direct and tangible economic damages, heatwave events and vulnerability of open spaces, proposes the application and assessment of NBSs in terms of the reduction in these impacts. The process was developed in the GIS environment based on the processing of open-source data. The test was conducted in the case study of Naples’ waterfront to identify the potentialities and limitations of the approach. The results showed the contribution of NBSs in reducing the economic damages due to coastal flooding and the improved vulnerability conditions to heatwave events. Full article
(This article belongs to the Special Issue Economic Valuation of Urban Green Spaces)
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18 pages, 6170 KiB  
Article
Analysis of the Ecological Efficiency Increase of Urban Green Areas in Densely Populated Cities
by Barbara Cardone, Valeria D’Ambrosio, Ferdinando Di Martino, Vittorio Miraglia and Marina Rigillo
Land 2023, 12(3), 523; https://doi.org/10.3390/land12030523 - 21 Feb 2023
Cited by 3 | Viewed by 1445
Abstract
The aim of this research is to provide a GIS model by which to evaluate the ecological benefits of increasing green spaces in dense cities. The research method consists of three stages. First, we apply a GIS-based model to assess the ecological efficiency [...] Read more.
The aim of this research is to provide a GIS model by which to evaluate the ecological benefits of increasing green spaces in dense cities. The research method consists of three stages. First, we apply a GIS-based model to assess the ecological efficiency of the existing urban green areas; then we select several dismissed open spaces to be regenerated by increasing green space; finally, we measure the impacts of these operations on the urban environment based on the increase in ecologically effective green area/inhabitant. We test this approach on the urban districts of the northern area of the municipality of Napoli (Italy). This area is characterized by a high population density and several abandoned/discarded open spaces which can be improved by planting operations as urban green spaces. The result of the study provides the ratio between the costs of the planting works carried out on uncultivated areas and the benefit in terms of ecological efficiency measured in square meters of ecologically efficient green surfaces per inhabitant. Our method can represent a useful tool to support planners in evaluating the ecological benefits of transforming open spaces into green spaces. Full article
(This article belongs to the Special Issue Economic Valuation of Urban Green Spaces)
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32 pages, 6250 KiB  
Article
Nature-Based Solutions Modeling and Cost-Benefit Analysis to Face Climate Change Risks in an Urban Area: The Case of Turin (Italy)
by Anna Biasin, Mauro Masiero, Giulia Amato and Davide Pettenella
Land 2023, 12(2), 280; https://doi.org/10.3390/land12020280 - 18 Jan 2023
Cited by 6 | Viewed by 4409
Abstract
Increasing urbanization and climate change challenges are leading to relevant environmental, economic and social pressures on European cities. These include increasing flood hazards and the urban heat island (UHI) effect. Nature-Based Solutions (NBS) are increasingly recognized within strategies to provide multiple ecosystem services [...] Read more.
Increasing urbanization and climate change challenges are leading to relevant environmental, economic and social pressures on European cities. These include increasing flood hazards and the urban heat island (UHI) effect. Nature-Based Solutions (NBS) are increasingly recognized within strategies to provide multiple ecosystem services to mitigate existing risks and pressures, as well as to make cities more resilient and livable. Although being increasingly addressed within the literature, NBS implementation on the ground still faces many technical and financial barriers. This paper aims to test the potential of selected NBS in mitigating the effects of identified climate change risks, i.e., the UHI effect and urban floods, in the Turin urban area (north-western Italy). Four different intervention NBS-based scenarios are developed. The supply of ecosystem services by NBS in each scenario is assessed using InVEST models and the effectiveness of NBS investments is analyzed by calculating and comparing the associated costs and benefits. Different results in terms of effectiveness and economic viability are observed for each scenario and each NBS. Flood risk mitigation oriented NBS seem to have the most impact, in particular forested green areas and retention ponds. The results are relevant to suggest policy mix strategies to embed NBS in city planning. Full article
(This article belongs to the Special Issue Economic Valuation of Urban Green Spaces)
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