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, Clinical Research
Journal Title
Real Estate Economics
Conference Name
Journal ISSN
1080-8620
1540-6229
1540-6229
Volume Title
48
Publisher
Wiley-Blackwell