The impact of senior house developments on surrounding residential property values

Kurvinen, Antti Tapio & Tyvimaa, Tanja (2016) The impact of senior house developments on surrounding residential property values. Property Management, 34(5), pp. 415-433.

View at publisher

Abstract

Purpose

  • Even as many countries are facing changes in demographic profile and new types of senior housing developments are becoming more important, there is limited evidence for the development impact of a senior house on surrounding residential property values. The purpose of this paper is to address the void in knowledge, investigating the impact of senior house developments on apartment values in Tampere, Finland.

Design/methodology/approach

  • To specify valuation effects of proximate senior house development projects, advanced research design combining propensity score matching procedure and hedonic pricing models is used.

Findings

  • The results show that a senior house development has a significant positive impact on proximate residential property values within a 500 metre radius. The impact is found to be the highest in underdeveloped neighbourhoods. Nevertheless, in neighbourhoods where property values and demand for housing units are higher and senior house developments fall into the criteria of infill development, a premium is lower, but still statistically significant and notable in magnitude.

Research limitations/implications

  • This paper studies apartment values only in Tampere, Finland, and it is important to notice that local regulations and market conditions may have a notable impact on the outcomes from senior house developments.

Originality/value

  • This study is the first of its kind to address a number of empirical issues and provide with statistically significant evidence for positive impacts from senior house developments – encouraging investors and developers to build senior houses.

Impact and interest:

Citation counts are sourced monthly from Scopus and Web of Science® citation databases.

These databases contain citations from different subsets of available publications and different time periods and thus the citation count from each is usually different. Some works are not in either database and no count is displayed. Scopus includes citations from articles published in 1996 onwards, and Web of Science® generally from 1980 onwards.

Citations counts from the Google Scholar™ indexing service can be viewed at the linked Google Scholar™ search.

ID Code: 99672
Item Type: Journal Article
Refereed: Yes
DOI: 10.1108/PM-11-2015-0059
ISSN: 0263-7472
Divisions: Current > Schools > School of Civil Engineering & Built Environment
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Copyright Owner: Copyright 2016 Emerald Group Publishing Inc
Deposited On: 04 Oct 2016 23:07
Last Modified: 05 Oct 2016 22:14

Export: EndNote | Dublin Core | BibTeX

Repository Staff Only: item control page