Heisingin kaupungin tietokeskus - /igc' ^' 0N THE EFFECTS 0F URBAN NATURAL TIEOUSTELUT FÖRFÄGNINGAR INQUIRIES Henrik Lönnqvist, p. - tel. 09 310 36534 etunimi.sukunimi@hel.fi JULKAISIJA UTGIVARE PUBLISHER Heisingin kaupungin tietokeskus OSOITE ADRESS ADDRESS PL 5500, 00099 Heisingin kaupunki (Siltasaarenkatu 18-20 A) PB 5500, 00099 Helsingfors stad (Broholmsgatan 18-20 A) P.O.Box 5500, FI-00099 City of Helsinki Finland (Siltasaarenkatu 18-20 A) PUHELIN TELEFON TELEPHONE 09 310 1612 INTERNET WWW.HEL.FI/TIETOKESKUS/ TILAUKSET, JAKELU BESTÄLLNINGAR, DISTRIBUTION ORDERS, DISTRIBUTION p. -tel. 09 310 36293 tietokeskus.tilaukset@hel.fi KÄTEISMYYNTI DIREKTFÖRSÄLJNING DIRECT SALES Tietokeskuksen kirjasto Siltasaarenkatu 18-20 A, p. 09 310 36377 Faktacentralens bibliotek Broholmsgatan 18-20 A, tel. 09 310 36377 Library Siltasaarenkatu 18-20 A, tel. +358 09 310 36377 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
6.2.1 Defining accessibility 161 6.2.2 Criteria for accessibility measures 162 6.2.3 Different types of accessibility measures 163 6.3 Development of urban spatial structure in the Helsinki Region 165 6.4 Related literature 170 6.5.2 Accessibility variables 176 6.5.3 Control variables 177 6.6 Results 179 6.6.1 Descriptive statistics 179 6.6.2 Price models 183 6.7 Discussion 196 7 Conclusions 200 7.1 Results of this study 200 7.2 Contributions of the study 201 7.3 Evaluation of the study 203 7.3.1 Method and data 203 7.3.2 Externa! validity 204 7.4 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
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
CONTENTS Acknowledgements 6 Foreword 8 Esipuhe 9 Author's contribution to the chapters 10 Abbreviations 11 1 Introduction 14 1.1 Motivation 14 1.2 Study area 15 1.3 Orientation 18 1.4 Research aim and research questions 21 1.5 Detailed structure of the study 22 2 Theories of urban housing markets 26 2.1 Perspectives on housing and urban housing markets 26 2.2The household's choice of housing quality 31 2.3 Monocentric model and beyond 32 2.3.1 Housing consumption and household location choice in urban areas 33 2.3.2 Urban land use in the monocentric model 36 2.3.3 Empirical testing of the monocentric model 38 2.3.4 From a monocentric to a polycentric city 40 2.4 Public goods, externalities and amenities 44 2.4.1 Local public goods and capitalisation hypothesis 44 2.4.2 Externalities and housing prices 47 2.4.3 Local public goods in the monocentric model 50 2.4.4 Different types of amenities 52 2.4.5 Amenities and intercity sorting 52 2.5 Accessibility-related perspectives to the monocentric model 53 2.5.1 Family structure and non-work travel 54 2.5.2Traffic network and congestion 55 2.5.3 Wasteful commuting debate 56 HENRIK LÖNNOVIST 3
2.5.4 Uncertainty, expectations and search 57 2.5.5 Accessibility and urban spatial configuration 58 3 Research methods 62 3.1 Different approaches to economic valuation in housing market context...62 3.2 Hedonic method 63 3.3 Defining urban housing submarkets 68 3.3.1 Different approaches to housing submarkets 68 3.3.2 Submarkets and hedonic prices 69 3.3.3 Submarket - an elusive concept 71 3.4 Empirical Implementation of the hedonic model 72 3.4.1 Assumptions of the ordinary least squares model 72 3.4.2 Modelling submarkets 76 4 Urban natural amenities and housing prices 80 4.1 Introduction 80 4.2 Related literature 81 4.3 Methods 83 4.4 Study area and data 84 4.5.2 OLS models 92 4.5.3 Structural stability of OLS models 100 4.5.4 Alternative land use variables 101 4.5.5 Mixed models 110 4.6 Discussion 116 5 Architectural quality and housing prices 120 5.1 Introduction 120 5.2 Architectural quality and housing markets 121 5.3 Related literature 123 5.4 Data and method 126 5.4.1 Study area 126 5.4.2 Data and variables 127 5.4.3 Hedonic method and estimation issues 134 5.5.2 Price models 138 5.6 Discussion 155 6 Accessibility, gravitational potential and housing prices 160 6.1 Introduction 160 6.2What is accessibility? 161 4 HENRIK LÖNNQVIST