Livability-oriented urban built environment: What kind of built environment can increase the housing prices?

Abstract

The creation of a dense, convenient, and diverse built environment is a strategic approach for fostering urban development. However, few studies have considered the relationship between a compact built environment and livability. This study seeks to answer the following question: What type of built environment is conducive to long-term residency? Using the Guangzhou urban district in China as a case study, we develop a livability-oriented assessment system for the built environment and integrate it into the hedonic price model. We employ spatial regression methods to analyze the impact of the built environment on housing prices, and findings suggest that (1) livability-oriented built environments are characterized by spaciousness, convenience, and diversity. Environments with a low building density, high building heights, a large plot area, and diverse land use are highly favorable for livability. (2) The built environment is intricate, and different factors can affect livability in diverse areas within an urban space. The impact of POI (Point of Interest) density and road density on livability varies by location. (3) The principles of small-scale blocks, high-density road networks, and compact urban planning are not universally applicable to the construction of livable cities. (4) The spatial heterogeneity of the built environment in the Guangzhou urban district is pronounced. This study addresses the assessment standards dominated by new urbanism. Under a livability-oriented approach, urban planners and managers should not indiscriminately pursue the construction of high-density and compact cities.