Heisingin kaupungin tietokeskus Helsingfors stads faktacentral City of Helsinki Urban Facts 0N THE EFFECTS 0F URBAN NATURAL AMENITIES, ARCHITECTURAL

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1 Heisingin kaupungin tietokeskus - /igc' ^' 0N THE EFFECTS 0F URBAN NATURAL TIEOUSTELUT FÖRFÄGNINGAR INQUIRIES Henrik Lönnqvist, p. - tel etunimi.sukunimi@hel.fi JULKAISIJA UTGIVARE PUBLISHER Heisingin kaupungin tietokeskus OSOITE ADRESS ADDRESS PL 5500, Heisingin kaupunki (Siltasaarenkatu A) PB 5500, Helsingfors stad (Broholmsgatan A) P.O.Box 5500, FI City of Helsinki Finland (Siltasaarenkatu A) PUHELIN TELEFON TELEPHONE INTERNET TILAUKSET, JAKELU BESTÄLLNINGAR, DISTRIBUTION ORDERS, DISTRIBUTION p. -tel tietokeskus.tilaukset@hel.fi KÄTEISMYYNTI DIREKTFÖRSÄLJNING DIRECT SALES Tietokeskuksen kirjasto Siltasaarenkatu A, p Faktacentralens bibliotek Broholmsgatan A, tel Library Siltasaarenkatu A, tel tietokeskus.kirjasto@hel.fi AMENITIES, ARCHITECTURAL QUALITY AND ACCESSIBILITY TO W0RKPLACES 0N H0USING PRICES An empirical study onthe Helsinki Metropolitan Area HENRIK LÖNNQVIST TUTKIMUKSIA UNDERSÖKNINGAR 2015:5 RESEARCH SERIES

2 6.2.1 Defining accessibility Criteria for accessibility measures Different types of accessibility measures Development of urban spatial structure in the Helsinki Region Related literature Accessibility variables Control variables Results Descriptive statistics Price models Discussion Conclusions Results of this study Contributions of the study Evaluation of the study Method and data Externa! validity Methodological development and future research 205 Abstract 207 References 208 Appendix A 226 Appendix B 227 Appendix C 228 Appendix D 230 Appendix E 234 HENRIK LÖNNQVIST 5

3 Heisingin kaupungin tietokeskus ON THE EFFECTS OF URBAN NATURAL AMENITIES, ARCHITECTURAL QUALITY AND ACCESSIBILITY TO WORKPLACES ON HOUSING PRICES An empirical study on the Helsinki Metropolitan Area HENRIK LÖNNQVIST TUTKIMUKSIA UNDERSÖKNINGAR 2015:5 RESEARCH SERIES

4 CONTENTS Acknowledgements 6 Foreword 8 Esipuhe 9 Author's contribution to the chapters 10 Abbreviations 11 1 Introduction Motivation Study area Orientation Research aim and research questions Detailed structure of the study 22 2 Theories of urban housing markets Perspectives on housing and urban housing markets The household's choice of housing quality Monocentric model and beyond Housing consumption and household location choice in urban areas Urban land use in the monocentric model Empirical testing of the monocentric model From a monocentric to a polycentric city Public goods, externalities and amenities Local public goods and capitalisation hypothesis Externalities and housing prices Local public goods in the monocentric model Different types of amenities Amenities and intercity sorting Accessibility-related perspectives to the monocentric model Family structure and non-work travel Traffic network and congestion Wasteful commuting debate 56 HENRIK LÖNNOVIST 3

5 2.5.4 Uncertainty, expectations and search Accessibility and urban spatial configuration 58 3 Research methods Different approaches to economic valuation in housing market context Hedonic method Defining urban housing submarkets Different approaches to housing submarkets Submarkets and hedonic prices Submarket - an elusive concept Empirical Implementation of the hedonic model Assumptions of the ordinary least squares model Modelling submarkets 76 4 Urban natural amenities and housing prices Introduction Related literature Methods Study area and data OLS models Structural stability of OLS models Alternative land use variables Mixed models Discussion Architectural quality and housing prices Introduction Architectural quality and housing markets Related literature Data and method Study area Data and variables Hedonic method and estimation issues Price models Discussion Accessibility, gravitational potential and housing prices Introduction What is accessibility? HENRIK LÖNNQVIST