{"id":85970,"date":"2018-04-20T14:16:38","date_gmt":"2018-04-20T07:16:38","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/homes-near-green-spaces-fetch-higher-prices-study\/"},"modified":"2018-04-20T18:03:11","modified_gmt":"2018-04-20T11:03:11","slug":"homes-near-green-spaces-fetch-higher-prices-study","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/homes-near-green-spaces-fetch-higher-prices-study\/","title":{"rendered":"Homes near green spaces fetch higher prices: study"},"content":{"rendered":"


\nThe study found that on average, buyers here would pay 3.0 percent more to live in a greener neighbourhood.
\nSingapore buyers are willing to pay more for homes located near green spaces, revealed a new study.
\nA study on the resale prices of 15,962 HDB flats from April 2013 to April 2014 showed that units with more green spaces within a 1,600m radius fetched higher prices.
\nMore: Singapore Is Second In The World For Green Buildings
\nRichard Belcher from the Future Cities Laboratory at the Singapore-ETH Centre and Ryan Chisholm, assistant professor, department of biological sciences at the National University of Singapore, attributed an average of 3.0 percent or $11,200 of a HDB flat\u2019s resale value to nearby green space.
\nThis works out to a total of $179 million for all public housing units sold during the 13-month period.
\nThe positive effect came almost entirely from managed vegetation such as park connectors, public parks and vegetation surrounding residential estates.
\n\u201cThese results vindicate Singapore\u2019s policy of providing extensive green spaces for residents\u2019 recreation, and could encourage the provision of more green spaces in tropical cities worldwide,\u201d said Chisholm.
\nHowever, the effect on prices of units near natural vegetation such as mangroves, marshes and forests was varied. The study noted that buyers seem to value these \u2018high conservation value vegetation\u2019 only when there is relatively little managed vegetation nearby.
\n\u201cThe lower value placed on proximity to high conservation value forests indicate that to further increase biodiversity in tropical cities, education programmes should inform residents of the real benefits of having natural high conservation value forests in their neighbourhood,\u201d said Belcher.
\nHe explained that the presence of more greenery in and around buildings can help lower surface and air temperatures by providing shade, hence, reducing the need for air-conditioning.
\nWith this, the researchers suggested that new towns should be located away from areas identified for conservation, and should continue to provide high quantities of managed vegetation.
\n\u201cIf too little green space remains within a city, human well-being can suffer because of a lack of opportunities for recreation and to connect with nature,\u201d said Chisholm. \u201cFrom a conservation perspective, the rapid loss of green spaces in tropical cities is of particular concern because this entails high biodiversity loss.\u201d
\nFor the latest property news, trends, resources and expert opinions, visit our\u00a0Property News\u00a0page. Home buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Homes near green spaces fetch higher prices: study<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The study found that on average, buyers here would pay 3.0 percent more to live...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-85970","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-mmC","jetpack-related-posts":[{"id":103975,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/older-hdb-resale-flats-depreciate-slower-than-private-condos-study\/","url_meta":{"origin":85970,"position":0},"title":"Older HDB resale flats depreciate slower than private condos: study","date":"February 14, 2019","format":false,"excerpt":"\r The rate of price decline for older HDB flats was 3.0 percent, compared to older freehold and leasehold private units which depreciated by over 10 and 30 percent respectively. 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