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A platform for research: civil engineering, architecture and urbanism
Impacts of air pollution on urban housing prices in China
https://orcid.org/0000-0001-8756-8018
https://orcid.org/0000-0002-4467-8505
https://orcid.org/0000-0002-4579-4815
Abstract In this study, we examine pollution effects on urban housing prices in China, using a fixed effects 2SLS model on a 13-year (2005–2017) panel dataset of 237 prefecture-level cities. We find that urban housing prices are negatively associated with $ PM_{2.5} $ levels, presenting an elasticity of – 0.32 for the entire sample. In large cities with an urban population of ≥ 5 million, the elasticity further increases in absolute value to – 0.34, reflecting greater marginal benefit associated with a unit percentage $ PM_{2.5} $ reduction in a higher pollution band. In addition, $ PM_{2.5} $’s effects on housing markets present temporal variations, and the base elasticity of – 0.29 for earlier periods increases to – 0.33 in the post-2008 period, reflecting increased public awareness of pollution-caused health risk after the Beijing Olympic Games. In the post-2014 period, however, the elasticity declines to – 0.24 with stricter pollution regulations introduced in late 2013 as part of the 12th Five Year Plan. Rational expectations regarding continued air-quality improvement in the future may underlie this trend.
Impacts of air pollution on urban housing prices in China
https://orcid.org/0000-0001-8756-8018
https://orcid.org/0000-0002-4467-8505
https://orcid.org/0000-0002-4579-4815
Abstract In this study, we examine pollution effects on urban housing prices in China, using a fixed effects 2SLS model on a 13-year (2005–2017) panel dataset of 237 prefecture-level cities. We find that urban housing prices are negatively associated with $ PM_{2.5} $ levels, presenting an elasticity of – 0.32 for the entire sample. In large cities with an urban population of ≥ 5 million, the elasticity further increases in absolute value to – 0.34, reflecting greater marginal benefit associated with a unit percentage $ PM_{2.5} $ reduction in a higher pollution band. In addition, $ PM_{2.5} $’s effects on housing markets present temporal variations, and the base elasticity of – 0.29 for earlier periods increases to – 0.33 in the post-2008 period, reflecting increased public awareness of pollution-caused health risk after the Beijing Olympic Games. In the post-2014 period, however, the elasticity declines to – 0.24 with stricter pollution regulations introduced in late 2013 as part of the 12th Five Year Plan. Rational expectations regarding continued air-quality improvement in the future may underlie this trend.
Impacts of air pollution on urban housing prices in China
https://orcid.org/0000-0001-8756-8018
https://orcid.org/0000-0002-4467-8505
https://orcid.org/0000-0002-4579-4815
Abstract In this study, we examine pollution effects on urban housing prices in China, using a fixed effects 2SLS model on a 13-year (2005–2017) panel dataset of 237 prefecture-level cities. We find that urban housing prices are negatively associated with $ PM_{2.5} $ levels, presenting an elasticity of – 0.32 for the entire sample. In large cities with an urban population of ≥ 5 million, the elasticity further increases in absolute value to – 0.34, reflecting greater marginal benefit associated with a unit percentage $ PM_{2.5} $ reduction in a higher pollution band. In addition, $ PM_{2.5} $’s effects on housing markets present temporal variations, and the base elasticity of – 0.29 for earlier periods increases to – 0.33 in the post-2008 period, reflecting increased public awareness of pollution-caused health risk after the Beijing Olympic Games. In the post-2014 period, however, the elasticity declines to – 0.24 with stricter pollution regulations introduced in late 2013 as part of the 12th Five Year Plan. Rational expectations regarding continued air-quality improvement in the future may underlie this trend.
Impacts of air pollution on urban housing prices in China
Ou, Yifu (author) / Zheng, Siqi (author) / Nam, Kyung-Min (author)
2021
Article (Journal)
Electronic Resource
English
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