Amenity effects of urban facilities on housing prices in China: Accessibility, scarcity, and urban spaces

Housing values are heavily influenced by urban facilities. However, the amenity effects of urban facilities have not been fully assessed, and their spatial heterogeneity has largely been neglected. Taking Nanjing as an example, this study adopts a synthetic approach that considers scarcity, accessibility, and submarkets, and highlights the influence of the idiosyncratic characteristics of urban facilities and heterogeneous urban spaces on housing prices. We divide urban facilities into two categories based on scarcity: irreplaceable and replaceable facilities. We find that the influence of urban facilities differs among different categories and submarkets, and the influence of irreplaceable facilities is highly dependent on accessibility in all submarkets, while that of replaceable facilities relies on both the accessibility and scarcity of those facilities. This study contributes to our understanding of the importance of and differences among the effects of various public facilities on property values in the intra-urban environment.