Beauty in the Eye of the Home-Owner: Aesthetic Zoning and Residential Property Values
Accepted version
Peer-reviewed
Repository URI
Repository DOI
Change log
Authors
Lindenthal, Thies https://orcid.org/0000-0001-5522-3832
Abstract
This article empirically confirms one core motivation for architectural zoning: Shape homogeneity among neighboring homes increases the value of residential buildings. Drawing on large-scale shape and transaction data, this study first develops a data-driven measure of architectural similarity, condensing three-dimensional shapes to univariate shape distributions. These algorithm-based similarity estimates are good predictors of human perceptions of shape similarity and are linked to property attributes and transaction prices. For the city of Rotterdam, a price premium of approximately 3.5% is estimated for row houses within very homogeneous ensembles over buildings facing heterogeneous neighbors.
Description
Keywords
38 Economics, 3801 Applied Economics
Journal Title
Real Estate Economics
Conference Name
Journal ISSN
1080-8620
1540-6229
1540-6229
Volume Title
48
Publisher
Wiley-Blackwell