The effect of rivers, streams, and canals on property values. (22nd September 2017)

• Record Type: Journal Article
• Authors: Nicholls, S.; Crompton, J. L.
• Is Part Of: River research and applications. Volume 33:Number 9(2017)
• Page Start: 1377
• Page End: 1386
• Publication Date: 2017-09-22
• Subjects: aesthetic -- canal -- hedonic -- property value -- recreation -- river -- stream -- view; Rivers -- Regulation -- Periodicals; Rivers -- Periodicals; 551.483
• DOI: 10.1002/rra.3197
• Languages: English
• ISSNs: 1535-1459

Abstract

Abstract: Rivers, streams, and canals support a variety of critical agricultural, industrial, transportation, ecological, and household uses. They also provide important aesthetic, recreational, and sociocultural benefits. This review paper synthesizes the evidence to date regarding the value of these linear water features as aesthetic and recreational resources to adjacent and nearby residents. Specifically, it summarizes 25 studies that have used the hedonic pricing method to calculate the effects of views of and proximity to rivers, streams, and canals on surrounding residential property values. The majority of studies indicated that significant positive property price effects are associated with river, stream, and canal view and proximity, though these effects appear less definitive in rural than urban settings. Implications of the body of evidence for planning, management, and development are discussed, and potential effects of climate change and diversion policies are highlighted. Improvements in measurement facilitated by advanced geographic information systems and rigorous spatially explicit regression techniques are noted.