Bulthuis, Mehdi, M,A, (2022) The impact of the announcements of the Feyenoord City project on nearby house prices: a case study on announcement effects. Master thesis.
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Abstract
During the last fifteen years in Rotterdam, several proposals for a new Feyenoord stadium have been made. None of these stadium proposals have reached the construction phase. The newest and the most concrete proposal is the Feyenoord City project. Feyenoord City is a proposed megaproject that uses the development of a new stadium as the main driver for an enormous urban redevelopment in Rotterdam South. The political and social impacts of Feyenoord City are clear. However, financial consequences in the form of changes in house prices remain unclear for Dutch mega-urban area redevelopments. As empirical studies have shown, the announcement of such megaprojects can lead to changes in surrounding house prices. Plan and policy-makers are unaware of or neglect such financial consequences. Furthermore, the announcement of a megaproject is not a one-day event and can be seen as a process. A difference-in-differences hedonic model is used to capture changes in house prices after three announcements near and within the project area. What sets this thesis apart from other studies is the focus on the announcement details instead of pure hedonic modeling. The results are therefore partly explained in light of the project’s timeline. The results show that the announcement effects are very local. The hedonic models find a negative price effect within the project area after the publication of the start document of the zoning plan for inspection. The most interesting finding is that a positive price effect is found between 500-750 meters after all three announcements. In other words, a premium is paid for houses between 500-750 meters after the three announcement dates.
| Item Type: | Thesis (Master) |
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| Degree programme: | Real Estate Studies |
| Supervisor: | Margaritis, E. and Duijn, M. van |
| Date Deposited: | 17 May 2022 12:22 |
| Last Modified: | 17 May 2022 12:22 |
| URI: | https://frw.studenttheses.ub.rug.nl/id/eprint/3822 |
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