The impact of urban wetland on the price of house: Evidence from Hangzhou Xixi wetland

This study empirically estimates the effects of wetland proximity on property values by employing the hedonic price model. A total of 3,785 market-based residential sales data between March 2009 and July 2009 were collected through the Internet and field survey. The results show that Xixi wetlands significantly influence residential property values and proximity to different types of wetlands is valued differently. The marginal implicit price of reducing the distance to the nearest wetland by 1,000 meter, evaluated at the mean house value yields a 1950 Yuan increase in house value. The marginal implicit price for open water over other types, evaluated at the mean housing prices, indicates an increase in house value of 320 Yuan.