JAUE2022-040: Air Quality Price Evaluation Based on the Real Estate Market

Abstract

The public "vote with their feet" when purchasing houses and settle down in cities with high-quality air environment, which causes the flow of population, changes the supply and demand of housing and causes the fluctuation of housing prices. This paper takes the sample data of 245 prefecture-level cities from 2015 to 2019 as the research object. On the basis of the hedonic price method theory, the panel fixed effect and intermediary effect model are used to explore the implied price of air quality and its effect mechanism on the real estate price. The results show that the air quality index is PM2.5, PM10, SO2, AQI has obvious negative effects on housing prices. After considering endogenous problems, AQI has the largest negative effect on real estate prices. Using the hedonic price method theory to evaluate the air quality implied price, SO2 has the highest marginal implied price, followed by PM2.5, It was 39.65 and 35.82 yuan / square meter. The intermediary effect test showed that air quality suppressed real estate prices by hindering the development of population urbanization. The conclusion of this paper provides a management basis for the balance of air quality and economic benefit during urban construction