{"title":"The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing","authors":"Tom Gillespie, Ronan C. Lyons, Stephen Hynes","doi":"10.3368/le.100.2.071522-0056r","DOIUrl":null,"url":null,"abstract":"<h3>Abstract</h3> This paper develops a novel measure of sea-view breadth and depth, based on a combination of GIS 3D simulation and Natural Language Processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. It then estimates the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014-2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.","PeriodicalId":51378,"journal":{"name":"Land Economics","volume":"9 1","pages":"0"},"PeriodicalIF":1.3000,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Land Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3368/le.100.2.071522-0056r","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
This paper develops a novel measure of sea-view breadth and depth, based on a combination of GIS 3D simulation and Natural Language Processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. It then estimates the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014-2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.
期刊介绍：
Land Economics is dedicated to the study of land use, natural resources, public utilities, housing, and urban land issues. Established in 1925 by the renowned economist and founder of the American Economic Association, Richard T. Ely at the University of Wisconsin, Land Economics has consistently published innovative, conceptual, and empirical research of direct relevance to economists. Each issue brings the latest results in international applied research on such topics as transportation, energy, urban and rural land use, housing, environmental quality, public utilities, and natural resources.
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