The Neighborhoods Services and Their Impacts on Property Values in Urban Area: A Review by Hedonic Pricing Model
摘要
The proximity to neighborhoods services is a valuable asset for land and property in an urban area. Neighborhoods services may be the natural corridor of trees as the trail of environmental amenity in the form of green trees canopy, urban green or forest in a region and parks, open street network, proximity to the major roads, market or a worship place, size of a building, age of a house, numbers of rooms in a building, and location of a property. The assessment of the impact of neighborhoods services is still unknown in many of the developing countries. However, most of the studies use the Hedonic Pricing Model for their evaluation by using regression analyses. This is proposed to study and review the past literature to examine the impacts of neighborhoods services on property values. The research concluded that properties near a park, worship place, market area, and a house with wide street networks have more value compared to those located at a distance. This phenomenon is mainly due to the proximity to the neighborhoods services. The research provides valuable insights into property buyers, investors, and government officials for urban planning and land-use development for urban area.