The hedonic value of urban greenspaces: A three-level meta-analysis across the globe

Urban greenspaces (UGS) contribute to residential property values, and their hedonic effects have been evaluated using Hedonic Price Modelling (HPM) approach. Yet, systematic synthesis of UGS hedonic effects remains limited. This meta-analysis aims to fill in this knowledge gap. A total of 228 observations from 88 primary studies spanning North America, Europe, Asia and Australia are taken into a three-level random-effects meta-regression model, to synthesize the hedonic impacts of UGS attributes (including type, availability, proximity, and visibility) while addressing methodological and contextual variation. The modelling results reveal several key factors in explaining the heterogeneity of UGS hedonic values across varying spatial scales. At the global level, while positive values prevail, several negative effects have been reported. UGS proximity and specific types contribute positively to effect sizes, UGS availability would reduce the magnitude of effect sizes. Interestingly UGS visibility is insignificantly associated with effect sizes. At the regional level, UGS proximity is consistently valued, and visibility is consistently insignificant. Substantial geographical heterogeneity also emerged, Asian and European homebuyers pay little attention to UGS type and availability, respectively. Taking spatial effects into account could significantly reduce effect size, mainly due to the amelioration of potential biases attributed to complex spatial interactions within housing markets. Regarding ancillary variables included in global and regional meta-analyses, adopting spatial modelling is negatively associated with effect sizes, which is particularly important for empirical studies in Asian cities, likely attributed to the dominance of apartment buildings in housing markets and associated complex spatial interactions. Additionally, population density is statistically important for empirical studies in North American, suggesting that homebuyers value UGS more where population density in higher. These findings confirm the significance of UGS hedonic value in residential housing market globally and the heterogeneous premiums attached to specific UGS attributes across different regions, which could help refine HPM studies considering UGS attributes and modelling options to adequately capture homebuyers’ preferences for and UGS hedonic premiums. Hence, accurate estimation of UGS hedonic value can be generated to inform urban planning strategies.