# RECORD cbca708e6a3e8af63d629068afb1ef0a8bfdc148
# TITLE: The Impact of Open Spaces on Residential Property Values
# YEAR: 2025.0  VENUE: Lecture Notes in Education Psychology and Public Media  DOI: 10.54254/2753-7048/2024.19494
# AUTHORS: Rui Wu
# PAGES: 10  CANDIDATE TABLE PAGES (1-based): []
# ABSTRACT: The increasing population density in urban areas leads to further construction of houses, and less land is being distributed to open spaces. Thus, there are preservation efforts in many cities to preserve open spaces and maintain the benefits. Ultimately, people desire to live near open spaces to enjoy their benefits, impacting the residential property values. This study attempts to explore the relationship between open spaces and the effects on the values of its neighboring residential properties, specifically in the city of Shanghai, using the hedonic model. The study analyzed the impact through several aspects, including open space type, size, and proximity to residential properties. Results suggest that open spaces, in general, do have the impact of increasing residential property values, and the effect could vary according to the size, type, and distance to residential property. This study helps decision-makers better implement future housing policies and city planning models.


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Proceedings of the 2nd International Conference on Global Politics and Socio-Humanities
DOI: 10.54254/2753-7048/2024.19494
© 2026 The Authors. This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0
(https://creativecommons.org/licenses/by/4.0/).
125
 
 
The Impact of Open Spaces on Residential Property Values 
Ruihao Wu1,a,* 
1Shanghai United International School, Hongsong East Street, Shanghai, China 
a. cocofeinie@tzc.edu.cn 
*corresponding author 
Abstract: The increasing population density in urban areas leads to further construction of 
houses, and less land is being distributed to open spaces. Thus, there are preservation efforts 
in many cities to preserve open spaces and maintain the benefits. Ultimately, people desire to 
live near open spaces to enjoy their benefits, impacting the residential property values. This 
study attempts to explore the relationship between open spaces and the effects on the values 
of its neighboring residential properties, specifically in the city of Shanghai, using the hedonic 
model. The study analyzed the impact through several aspects, including open space type, 
size, and proximity to residential properties. Results suggest that open spaces, in general, do 
have the impact of increasing residential property values, and the effect could vary according 
to the size, type, and distance to residential property. This study helps decision-makers better 
implement future housing policies and city planning models. 
Keywords: Residential property values, Open space, Hedonic model. 
1. 
Introduction  
In the current society, over 50% of the population lives in cities [1], causing the population density 
in cities to rapidly increase. In particular, the city of Shanghai in China is one of the most populated 
megacities and has experienced rapid growth. From the year 2000 to 2023, Shanghai experienced an 
increase in the population of over 10 million, resulting in a population of over 29 million in 2023 [2]. 
Under these circumstances, housing and infrastructures are continuously being built while 
progressively more proportions of the land are being occupied. Consequently, open spaces in cities 
often shrink and are replaced by buildings. However, open space still serves as a crucial amenity that 
offers social and economic values such as aesthetic values, health benefits, and far more; therefore, it 
is often preserved even in urbanized places.  
There were many different preservation policies attempted by governments to preserve open 
spaces in urban cities. For instance, there was a tax abatement system proposed in Massachusetts 
where landowners could enjoy the deferral of real estate taxes as long as they kept the land open and 
undeveloped [3]. This incentivizes landowners to refrain from development and, therefore, preserve 
open spaces. Additionally, the Dutch government has also employed spatial planning, where they set 
restrictive zones on parts of the country to limit the number of buildings [4]. This controls the rate of 
urban expansion while also preserving the open spaces. 
Open spaces possess great social and economic significance to society, causing governments to 
often preserve them, and people also often desire to live near them. Hence, it is important to study 
and learn the values provided by open spaces and how they may impact surrounding property values.