Title The influence of architecture on real estate market value: a methodological framework /
Authors Navickas, Valentinas ; Skripkiūnas, Tomas ; Tanas, Justyna ; Trojanek, Maria
DOI 10.14254/2071-8330.2020/13-4/3
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Is Part of Journal of international studies.. Szczecin : Centre of Sociological Research. 2020, vol. 13, iss. 4, p. 38-53.. ISSN 2071-8330. eISSN 2306-3483
Keywords [eng] real estate market value ; price determinants ; architectural variables ; externalities ; methodology
Abstract [eng] The built environment takes a core position between architectural professionals, economists, geographers, and other fields. The object of this research is the mechanism of value transfers between architectural objects and their market value. Architecture is the art and science of designing space from the macro level of urban planning, urban design, and landscape architecture to the micro level of construction details and, sometimes, furniture. Architectural variables in econometric models are used to identify spatial dependency, spillovers of value, externalities, links between ‘good’ architecture and market value, heritage aspects, contributions to sustainable development, and architecture as public good. While many studies have focused on the determinants of the real estate market value, the aim of this research is to capture the areas of influence of architectural variables on the market value of a property. To structure that influence, we analyzed the types of value a built environment can generate and the determinants of real estate market value. A mechanism of value transfers between architecture and the real estate market value is presented in a proposed framework. The implications of the framework and future research are discussed.
Published Szczecin : Centre of Sociological Research
Type Journal article
Language English
Publication date 2020
CC license CC license description