ENVIRONMENTAL APPRAISAL OF GREEN ZONES FOR A RESIDENTIAL ESTATE IN BOGOTA, COLOMBIA USING THE HEDONISTIC PRICE METHOD
Copyright (c) 2016 Semestre Económico Universidad de Medellín
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Abstract
This paper tries to estimate the value of the green zones of the Antonio Nariño residential estate in Bogota, Colombia using the hedonistic price method. Using the information found at the Bogota Multipurpose Survey for 2011 and information on the density of green zones per inhabitant, a hedonistic price function is built using a minimum square regression by a constant elasticity model (Log-Linear or Log-Log). Which shows that if there is an increase of 1 square meter of green zones per inhabitant in any district of the city, the average housing price would increase on average a 2,24% at the market for apartments and houses at residential estates. This means that the green zones of the Antonio Nariño Urban Center equal $102.776.833.449 Colombian pesos of 2011
