Housing Values Defined by Urban Morphology Characteristics

Abstract

Different analysis methods are used in real estate studies, with hedonic models being the most frequently used. Although the vast majority of relevant studies conclude that factors related to the location of a property along with its neighborhood characteristics have a crucial role in housing value, urban parameters defining urban space have not yet been adequately considered in relevant literature. This research, based on hedonic model theory, aims at pointing out the importance of urban characteristics such as urban morphology characteristics (geometric accessibility) as parameters defining housing values. The proposed methodological framework with the selected variables entered in the hedonic model describing housing values is applied to Xanthi, a city with distinctive morphological features that are reflected both in its urban fabric and in its building stock, making it ideal for the implementation of the model. The results of the analysis confirm the primary hypothesis of the research that geometric accessibility significantly affects the housing value and thus should be taken into account in housing price models.