The impact of noise on the spatial distribution of real estate values: an analysis of the Barcelona residential market
Keywords:
Contaminación acústica, valoraciones, precios hedónicosAbstract
The authors see Noise as having become a major environmental price that contemporary societies
have to pay for living in densely urbanized environments.The impact of this externality upon the
quality life leads to a diminishing on the level of the household welfare and, consequently, to a
reduction in property values. Bu using hedonic pricing models (HP), a signifi cant number of studies
have assessed the impact of noise upon real estate values. They quote the meta-analysis made by
NAVRUD (2002) which demonstrated that for each dB of noise growth, the price of housing is reduced
on an average of 0.64%. In their paper, by using a geographically weighted HP model, which allows
for a considering of soft boundaries between submarkets while at the same time solving space
dependencies, the impact of noise upon a sample of multifamily housing in Barcelona is investigated.
While the results indicate that actual noise levels reduce the value attributed to dwelling space,
unlike other studies: 1) in Barcelona the noise depreciation sensibility index (NDSI) is lower and 2)
the willingness to pay, resulting from a contingent valuation is greater than the implicit price of
noise.
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Copyright (c) 2010 C. Marmolejo Duarte, C. A. González Tamez
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