The effect of environmental factors on real estate value
Cellmer, Radoslaw et al.
The objective of this study was to analyze the correlations between environmental quality and property prices. The resulting data were input to develop land value maps with the use of cokriging methods. The key environmental factors affecting property prices were greenery, surface water, noise impacts and landscape features. Those elements were identified during field studies and analyses of thematic maps. The assessment method was point valuation, and environmental quality was a variable in statistical analyses. The surveyed site were undeveloped land plots in the suburbia of Olsztyn, the capital city of the Region of Warmia and Mazury. The applied methodology is based mostly on the modeling of spatial correlations with the involvement of statistical and geostatistical techniques. Those methods support an assessment of the spatial structure of the analyzed processes and the determination of environmental attributes' direct impact on the prices and value of property. The results are presented as models of selected correlations and thematic maps illustrating the effect of environmental factors on property value.
Event: FIG Working Week 2012 : Territory, environment, and cultural heritage
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