Janssen, Max (2021) QUANTITATIVE APPROACH ON THE ASSOCIATION OF PUB DENSITY WITH LOCAL PROPERTY PRICES. Master thesis.
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Final Master Thesis Max Janssen (S3936236) .pdf Download (1MB) | Preview |
Abstract
Pubs play an important within Britain’s urban communities, contributing to cohesion and social life for ages. Since the pub used to have attractive power for local inhabitants, this study investigates whether premiums in property prices can be observed when being attached with higher pub densities in proximities. Given the fact that London suffered a severe pub loss from 2001 to 2017, residential property prices within this timeframe are used over 32 boroughs. Panel data is used to conduct fixed effects and semi-parametric estimation techniques allowing for linear as well as non-linear relationships between pub densities and local property prices. The results show that after controlling for unobserved heterogeneity, an increase in pub density is gifted with increasing property prices up until two pubs per square kilometer. Hereafter, increasing pub densities show a declining relationship with residential property prices. Those findings suggest an overrepresentation of negative externalities wedded to higher pub densities. Existing literature highlights the effect of pubs for surrounded areas in terms of noise, crime and disturbing behavior, but is not able to monetize such effects. This study intuitively gives some insides to what extent the presence of a pub can be considered as an amenity, reflected in local property prices.
| Item Type: | Thesis (Master) |
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| Degree programme: | Real Estate Studies |
| Supervisor: | Duijn, M. van and Liu, X. |
| Date Deposited: | 20 Jul 2021 07:18 |
| Last Modified: | 20 Jul 2021 07:18 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/3532 |
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