# RECORD 0aed4606387835599541d79050eabb05449e0442
# TITLE: The effect of Movida on residential property prices: up or down?
# YEAR: 2023.0  VENUE: Applied Economics  DOI: 10.1080/00036846.2022.2159008
# AUTHORS: E. Ottoz; P. Pavese; L. Sella
# PAGES: 36  CANDIDATE TABLE PAGES (1-based): [33, 34, 35]
# ABSTRACT: ABSTRACT Hedonic regression technique has often been used to study the effect of road, railway and airport noise on property prices. However, European cities are experiencing a particular type of noise pollution originated by night-time recreational activities mainly located in the city centres, the so-called ‘Movida’, which has not been properly investigated yet. The aim of this paper is to examine the effect of recreational noise on residential property prices. We used an original highly detailed housing transactions dataset from the City of Turin covering the period 2017 to 2018 and built an indicator of recreational noise based on the proximity of dwellings to the night recreational activities. The results obtained employing hedonic modelling show that the adverse environment for an apartment located in a ‘Movida’ district will result in a lower market value as compared to an apartment with similar characteristics, except for recreational noise. This occurs because potential buyers reduce their demand, as they discount the present value of the costs of annoyance, loss of tranquillity and health effects due to sleep deprivation.


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20 October 2026
AperTO - Archivio Istituzionale Open Access dell'Università di Torino
Original Citation:
The effect of Movida on residential property prices: up or down?
Published version:
DOI:10.1080/00036846.2022.2159008
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This version is available http://hdl.handle.net/2318/1885000
since
2023-01-08T08:41:09Z


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Table 0. Hedonic pricing empirical literature including environmental noise. 
 
 
 
 
Table 1. Standardized number of transactions (%) by dimensional classes in the OMI sample, 
central subsample and in the whole city of Turin (population). 
 
 
<50 sqm 
51-85 sqm 
86-115 sqm 
116-145 sqm 
>146 sqm 
Population, whole city 
12.9 
46.6 
23.7 
9.2 
7.7 
OMI sample, whole city 
8.9 
36.8 
29.0 
12.2 
13.1 
Central Subsample 
8.2 
32.3 
30.2 
14.5 
14.8 
 
Data source: Real Estate Market Overview (Pwc, 2018) and our elaborations 
 
 
Table 2. Descriptive statistics in the central and suburb districts.  
 
 
Full sample (N = 6,861) 
Central subsample** (N = 1,788) 
Variable 
Mean 
SD 
Min 
Max 
Mean 
SD 
Min 
Max 
Price 
214,331 
184,292 10,000 
2,750,000 229,641 
196,651 
10,000 
2,200,000 
Total surface 
99.24 
48.18 
20 
422 
104.18 
52.92 
20 
650 
Age* 
41.76 
22.80 
6 
219 
40.47 
24.64 
6 
219 
Floor level 
3.04 
1.90 
1 
9 
3.03 
1.88 
1 
9 
Number of baths 
1.23 
0.50 
1 
4 
1.27 
0.54 
1 
5 
Economic building (d) 
0.39 
0.49 
0 
1 
0.27 
0.44 
0 
1 
Residential building (d) 
0.51 
0.50 
0 
1 
0.62 
0.48 
0 
1 
Historical building (d) 
0.10 
0.30 
0 
1 
0.10 
0.30 
0 
1 
Green (<500m, d) 
0.54 
0.50 
0 
1 
0.54 
0.50 
0 
1 
Transport stop (<500m, d) 
0.99 
0.10 
0 
1 
0.99 
0.09 
0 
1 
Distance train station (>1km, d) 
0.94 
0.24 
0 
1 
0.92 
0.27 
0 
1 
Car park 
0.05 
0.22 
0 
1 
0.06 
0.23 
0 
1 
Commercial 
0.99 
0.09 
0 
1 
0.99 
0.09 
0 
1 
View of river or mountains 
0.16 
0.37 
0 
1 
0.19 
0.39 
0 
1 
Time-on-the-market (>1y, d) 
0.73 
0.44 
0 
1 
0.66 
0.47 
0 
1 
Month-year (d) 
Yes 
Yes 
Yes 
Yes 
Yes 
Yes 
Yes 
Yes 
Urban macro-area (d) 
Yes 
Yes 
Yes 
Yes 
Yes 
Yes 
Yes 
Yes 
Dummy movida 50 
0.13 
0.34 
0 
1 
0.14 
0.35 
0 
1 
Dummy movida 75 
0.22 
0.41 
0 
1 
0.23 
0.42 
0 
1 
Dummy movida 100 
0.32 
0.47 
0 
1 
0.33 
0.47 
0 
1 
Movida 50 (#) 
0.20 
0.62 
0 
8 
0.21 
0.61 
0 
6 
Movida 51-75 (#) 
0.20 
0.60 
0 
7 
0.20 
0.56 
0 
6 
Movida 76-100 (#) 
0.29 
0.80 
0 
9 
0.29 
0.78 
0 
7 
* Age is defined as the difference between the date on which the residential property was sold and the date of its eventual renovation 
** Central districts are identified by OMI areas B1 – B9 and C3 
 


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Table 3. Regression results for the full sample (columns 1-2) and the central subsample (columns 3-
4). Model: log-log fully interacted specification; two-way clustered standard errors in parentheses. 
Dependent variable: log(price). Columns A and B: Wald test for the equality of coefficients with 
respect to time-on-the-market (< 1 year, ≥ 1 year) for each covariate.  
 
  
Full sample 
Central subsample 
VARIABLES 
(1) 
(2) 
(A) 
(3) 
(4) 
(B) 
 
< 1 year on 
the market 
≥ 1 year on 
the market 
T-test 
pvalue 
< 1 year on 
the market 
≥ 1 year on 
the market 
T-test 
pvalue 
  
 
 
Green  
0.006 
0.075*** 
0.000 
0.021 
0.085*** 
0.021 
(<500m) 
(0.014) 
(0.007) 
 
(0.023) 
(0.014) 
 
Transport stop  
0.245*** 
0.110*** 
0.026 
-1.028*** 
0.050 
0.000 
(<500m) 
(0.041) 
(0.041) 
 
(0.233) 
(0.079) 
 
Distance train station  
0.010 
-0.093*** 
0.000 
0.020 
-0.155*** 
0.000 
(>1km) 
(0.020) 
(0.019) 
 
(0.024) 
(0.037) 
 
Car park 
0.077*** 
0.186*** 
0.003 
0.135*** 
0.159*** 
0.691 
(0.027) 
(0.026) 
 
(0.048) 
(0.044) 
 
Commercial 
0.344*** 
0.374*** 
0.740 
0.300*** 
0.406*** 
0.116 
(0.037) 
(0.084) 
 
(0.057) 
(0.028) 
 
View river/mountains 
0.144*** 
0.131*** 
0.600 
0.117*** 
0.188*** 
0.091 
(0.021) 
(0.012) 
 
(0.031) 
(0.027) 
 
Number of baths+ 
0.449*** 
0.110*** 
0.000 
0.386*** 
0.060** 
0.001 
(0.036) 
(0.016) 
 
(0.069) 
(0.028) 
 
Economic building 
-0.277*** 
-0.327*** 
0.116 
-0.364*** 
-0.389*** 
0.642 
(0.028) 
(0.009) 
 
(0.051) 
(0.016) 
 
Historical building 
0.350*** 
0.310*** 
0.174 
0.356*** 
0.231*** 
0.003 
(0.023) 
(0.021) 
 
(0.032) 
(0.031) 
 
Age+  
-0.047*** 
-0.016** 
0.076 
-0.064*** 
0.010 
0.009 
(0.015) 
(0.008) 
 
(0.020) 
(0.017) 
 
Total surface+ 
1.028*** 
0.961*** 
0.029 
1.093*** 
0.948*** 
0.001 
(0.029) 
(0.014) 
 
(0.040) 
(0.026) 
 
Floor level+ 
-0.011 
0.020*** 
0.005 
0.001 
0.024** 
0.190 
(0.010) 
(0.005) 
 
(0.014) 
(0.011) 
 
Movida 50 (#) 
-0.008 
0.000 
0.552 
0.021 
0.008 
0.599 
(0.012) 
(0.006) 
 
(0.023) 
(0.013) 
 
Movida_51-75 (#) 
0.008 
-0.002 
0.573 
-0.039* 
-0.025* 
0.514 
(0.019) 
(0.005) 
 
(0.021) 
(0.013) 
 
Movida 76-100 (#) 
-0.000 
0.002 
0.884 
0.006 
0.008 
0.904 
(0.013) 
(0.005) 
 
(0.011) 
(0.011) 
 
Time (d) 
Yes 
Yes 
- 
Yes 
Yes 
- 
Urban macro-area (d) 
Yes 
Yes 
- 
Yes 
Yes 
- 
Constant 
6.533*** 
6.533*** 
- 
7.556*** 
7.556*** 
- 
(0.147) 
(0.147) 
 
(0.153) 
(0.153) 
 
Observations 
6,861 
 
1,788 
 
R-squared 
0.865 
 
0.873 
 
+ Variables in logarithmic form 
*** p<0.01, ** p<0.05, * p<0.1 
 
 
Table 4. Quantile regression results on the central subsample, dwellings on the market for more 
than one year (N=1,176). Model: log-log specification. Dependent variable: log(price). 
 


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(1) 
(2) 
(3) 
(4) 
(5) 
(6) 
(7) 
(8) 
(9) 
Variables 
q10 
q20 
q30 
q40 
q50 
q60 
q70 
q80 
q90 
 
 
 
 
 
 
 
 
 
 
Green 
0.108*** 
0.118*** 
0.116*** 
0.105*** 
0.115*** 
0.099*** 
0.086*** 
0.044* 
0.055* 
(<500m) 
(0.027) 
(0.023) 
(0.024) 
(0.021) 
(0.021) 
(0.021) 
(0.021) 
(0.025) 
(0.030) 
Transport  
0.381* 
0.103 
0.109 
-0.080 
-0.057 
-0.037 
-0.120 
-0.001 
-0.025 
 (<500m) 
(0.203) 
(0.167) 
(0.160) 
(0.150) 
(0.125) 
(0.106) 
(0.098) 
(0.090) 
(0.102) 
Trainstation  -0.211*** 
-0.168*** -0.128*** -0.134*** -0.124*** -0.126*** 
-0.111* 
-0.144** 
-0.158** 
(>1km) 
(0.062) 
(0.056) 
(0.049) 
(0.045) 
(0.046) 
(0.049) 
(0.059) 
(0.060) 
(0.080) 
Car park 
-0.134 
0.045 
0.206** 
0.181*** 
0.221*** 
0.207*** 
0.206*** 
0.216*** 
0.218*** 
 
(0.132) 
(0.142) 
(0.097) 
(0.067) 
(0.056) 
(0.045) 
(0.046) 
(0.056) 
(0.064) 
Commercial 
0.066 
0.111* 
0.197*** 
0.274*** 
0.465*** 
0.529*** 
0.593*** 
0.667*** 
0.773*** 
 
(0.075) 
(0.063) 
(0.070) 
(0.077) 
(0.073) 
(0.058) 
(0.052) 
(0.062) 
(0.093) 
View river/  
0.195*** 
0.220*** 
0.215*** 
0.219*** 
0.229*** 
0.195*** 
0.172*** 
0.142*** 
0.149*** 
mountains 
(0.054) 
(0.042) 
(0.036) 
(0.035) 
(0.037) 
(0.038) 
(0.039) 
(0.045) 
(0.045) 
Number 
0.036 
0.041 
0.043 
0.075* 
0.120*** 
0.101*** 
0.095** 
0.092** 
0.106** 
of baths+ 
(0.055) 
(0.050) 
(0.044) 
(0.040) 
(0.038) 
(0.037) 
(0.041) 
(0.045) 
(0.052) 
Economic  
-0.381*** 
-0.361*** -0.371*** -0.369*** -0.392*** -0.402*** -0.415*** -0.422*** -0.376*** 
Building 
(0.032) 
(0.025) 
(0.027) 
(0.025) 
(0.025) 
(0.026) 
(0.026) 
(0.029) 
(0.038) 
Historical  
0.184*** 
0.253*** 
0.284*** 
0.275*** 
0.245*** 
0.235*** 
0.210*** 
0.173*** 
0.142** 
Building 
(0.070) 
(0.071) 
(0.057) 
(0.047) 
(0.044) 
(0.040) 
(0.039) 
(0.044) 
(0.058) 
Age+  
-0.006 
-0.012 
0.017 
0.034 
0.048** 
0.034 
0.031 
-0.002 
-0.008 
 
(0.033) 
(0.025) 
(0.022) 
(0.022) 
(0.024) 
(0.023) 
(0.021) 
(0.026) 
(0.028) 
Total  
1.002*** 
1.000*** 
0.950*** 
0.933*** 
0.904*** 
0.911*** 
0.917*** 
0.917*** 
0.899*** 
Surface+ 
(0.052) 
(0.043) 
(0.041) 
(0.037) 
(0.033) 
(0.030) 
(0.034) 
(0.033) 
(0.035) 
Floor level 
0.033* 
0.028* 
0.038** 
0.034** 
0.030* 
0.020 
0.017 
0.015 
0.029 
 
(0.019) 
(0.015) 
(0.017) 
(0.016) 
(0.016) 
(0.015) 
(0.016) 
(0.017) 
(0.022) 
Movida  
0.025 
0.016 
0.006 
0.019 
0.022 
0.020 
0.016 
0.023 
-0.002 
50 (#) 
(0.024) 
(0.017) 
(0.019) 
(0.018) 
(0.017) 
(0.016) 
(0.015) 
(0.017) 
(0.020) 
Movida  
0.000 
-0.031 
-0.026 
-0.029* 
-0.032** 
-0.028* 
-0.038** 
-0.039** 
-0.032 
 51_75 (#) 
(0.021) 
(0.019) 
(0.020) 
(0.016) 
(0.014) 
(0.014) 
(0.016) 
(0.020) 
(0.025) 
Movida  
-0.027 
0.000 
0.000 
0.010 
0.014 
0.007 
0.017 
-0.001 
0.017 
 76_100 (#) 
(0.017) 
(0.018) 
(0.019) 
(0.014) 
(0.011) 
(0.011) 
(0.012) 
(0.015) 
(0.022) 
Urban area 
yes 
yes 
yes 
yes 
yes 
yes 
yes 
yes 
yes 
Time 
yes 
yes 
yes 
yes 
yes 
yes 
yes 
yes 
yes 
Constant 
7.278*** 
7.496*** 
7.604*** 
7.811*** 
7.696*** 
7.718*** 
7.787*** 
7.920*** 
7.973*** 
 
(0.343) 
(0.265) 
(0.257) 
(0.240) 
(0.215) 
(0.206) 
(0.216) 
(0.211) 
(0.229) 
R-squared 
0.612 
0.616 
0.624 
0.635 
0.643 
0.650 
0.654 
0.658 
0.661 
Standard errors in parentheses 
*** p<0.01, ** p<0.05, * p<0.1 
 
 
Figure 1. Effect of “Movida” variables (number of recreational activities in the specified range) on 
prices in the central subsample, different specifications.   


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