Exploring government open data: understanding contributions of better walkability to real estate pricing

Figures & data

Figure 1. Locations of the land plots in the transaction price dataset, subdivided by building restriction types (see Appendix for building codes).

Table 1. Yearly average transaction price per square metre.

Year	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
Average transaction price (deflated by consumer price index) $\left[\text{Euro}/m^2\right]$	515.2	491.6	519.3	500.8	631.3	697.6	710.6	914.1	837.2	997.8	941.4	1160

Figure 2. Example of network-based 300 m buffer and the location of urban amenities nearby.

Table 2. Descriptive statistics of the dataset (before standardization).

Variable	Abbreviation	Mean	Min.	25 %	50 %	75 %	Max.
Transaction price (deflated by consumer price index) $[\mathrm{\text{euro}}/{\mathrm{m}}^2]$	PRICE_m2	733.0	0.968	264.9	442.1	763.4	52,486
Sidewalk width in front (1: width > 2 m, 0: otherwise)	SIDE_WID	0.516	0	0	1	1	1
Type of the road in front (1: national / regional road, 0: municipal road)	ROADCLASS	0.222	0	0	0	0	1
Public transport service quality level (1: lowest, 7: highest)	PTSQL	5.55	1	5	6	6	7
Surface area of parks nearby $\left[1000 {\mathrm{m}}^2\right]$	PARK_Area	6.55	0	0	2.02	7.81	117.8
No. of restaurants nearby	REST_NUM	2.13	0	0	0	2	258
No. of trees nearby $\left[10 \mathrm{\text{trees}}\right]$	TREE_NUM	7.85	0	2	5.6	11	53.9
Population density nearby $[1000 \mathrm{\text{people}}/{\mathrm{m}}^2]$	POPDEN2021	6.09	0	1.78	3.68	8.21	42.4
Number of streetlights nearby $\left[10 \mathrm{\text{lights}}\right]$	LIGHT_NUM	8.11	0	4.1	6.6	9.9	124.8
Area of pavement nearby $\left[1000{\mathrm{m}}^2\right]$	PAVEMENT	21.8	$6.49\times {10}^{-5}$	12.6	19.6	28.3	91.6
Area of walkable pavement nearby within areas where the car speed is limited to 30 km/h $\left[1000{\mathrm{m}}^2\right]$	PAVEMENT_W	5.25	0	2.03	4.42	7.35	43.1
Area of beautified pavement nearby $\left[1000{\text{m}}^2\right]$	PAVEMENT_BEA	0.384	0	$5.55\times {10}^{-3}$	0.073	0.304	29.2
Area of green pavement nearby $\left[1000 {\mathrm{m}}^2\right]$	PAVEMENT_GR	0.31	0	0	0.096	0.38	9.02
Ratio of walkable pavement within areas where the car speed is limited to 30 km/h	PAVEMENT_W_tempo30_ratio	0.373	0	0.322	0.389	0.454	1
Ratio of beautified pavement	PAVEMENT_AES_ratio	0.014	0	$3.32\times {10}^{-4}$	$3.67\times {10}^{-3}$	0.0132	0.483
Ratio of green pavement	PAVEMENT_GR_ratio	0.135	0	$4.45\times {10}^{-4}$	0.0889	0.017	0.404
HHI of the land use nearby $\left[1000\right]$	Landuse_HHI	4.35	1.08	2.66	3.74	5.59	10
Dummy for affluent neighbourhood	LUX_dummy	0.155	0	0	0	0	1

Table 3. Estimation results of Models 1-1 to 1-2.

Model	Model 1-1		Model 1-2
Variable	Coeff.	S.E.	Coeff.	S.E.
(Intercept)	5.453	9.794	5.461	0.099***
ROADCLASS	−0.059	0.034†	−0.064	0.033†
SIDE_WID	−0.011	0.013
PARK_AREA	−0.019	0.013	−0.013	0.013
REST_NUM	0.050	0.025*	0.049	0.025*
POPDEN	0.052	0.019**	0.054	0.019*
LIGHT_NUM	0.023	0.023
TREE_NUM	0.025	0.016
PAVEMENT	0.076	0.025**	0.106	0.019***
PAVEMENT_W_tempo30_ratio	0.010	0.015
PAVEMENT_GR_ratio	0.022	0.014	0.023	0.014†
PAVEMENT_BEA_ratio	0.037	0.016*	0.038	0.016*
LANDUSE_HHI	0.022	0.014	0.020	0.013
Fixed effect for land use	Yes		Yes
Fixed effect for area	Yes		Yes
Fixed effect for building restrictions	Yes		Yes
Fixed effect for year	Yes		Yes
Fixed effect for PTSQL	Yes		Yes
Fixed effect for land type	Yes		Yes
Interaction term of PTSQL and area	Yes		Yes
Adj. R-squared	0.3854		0.3852
N	3376		3376

Notes: S.E. represents standard errors. Significance codes: ***p < .001; **p < .01; *p < .05; ^†p < .1. We adopted robust (heteroskedasticity-robust) standard errors.

Table 4. Estimation results of Models 2-1 to 2-4 (stratification by the building restrictions).

Model	Model 2-1		Model 2-2		Model 2-3		Model 2-4
Variable	Coeff.	S.E.	Coeff.	S.E.	Coeff.	S.E.	Coeff.	S.E.
(Intercept)	5.511	23.00	5.530	13.33	5.670	0.204***	5.662	0.190***
ROADCLASS	−0.059	0.040	−0.057	0.039	−0.040	0.067
SIDE_WID	−0.011	0.014			−0.003	0.040
PARK_AREA	−0.029	0.014*	−0.032	0.014*	0.114	0.060†	0.114	0.059†
REST_NUM	0.066	0.057	0.077	0.057	0.052	0.032	0.050	0.029†
POPDEN	0.055	0.025*	0.058	0.024*	0.060	0.032†	0.058	0.030†
LIGHT_NUM	0.001	0.022			0.030	0.029
TREE_NUM	0.066	0.018***	0.075	0.017***	−0.097	0.043*	−0.090	0.043*
PAVEMENT	0.031	0.030			0.145	0.044**	0.164	0.039***
PAVEMENT_W_tempo30_ratio	0.035	0.016*	0.038	0.016*	−0.054	0.027*	−0.056	0.027*
PAVEMENT_GR_ratio	0.018	0.015	0.018	0.015	0.001	0.045
PAVEMENT_BEA_ratio	0.044	0.018*	0.044	0.018*	−0.010	0.037
LANDUSE_HHI	0.033	0.015*	0.033	0.015*	−0.030	0.044
Fixed effect for land use	Yes		Yes		Yes		Yes
Fixed effect for area	Yes		Yes		Yes		Yes
Fixed effect for building restrictions	Yes		Yes		Yes		Yes
Fixed effect for year	Yes		Yes		Yes		Yes
Fixed effect for PTSQL	Yes		Yes		Yes		Yes
Fixed effect for land type	Yes		Yes		Yes		No
Interaction term of PTSQL and area	Yes		Yes		Yes		Yes
Adj. R-squared	0.3026		0.3028		0.3892		0.3933
N	2594		2594		782		782

Notes: S.E. represents standard errors. Significance codes: ***p < .001; **p < .01; *p < .05; ^†p < .1. We adopted robust (heteroskedasticity-robust) standard errors.

Table 5. Estimation results of Models 3-1 to 3-4 (stratification by the land use).

Model	Model 3-1		Model 3-2		Model 3-3		Model 3-4
Variable	Coeff.	S.E.	Coeff.	S.E.	Coeff.	S.E.	Coeff.	S.E.
(Intercept)	5.621	0.086***	5.639	0.086***	5.327	3.449	5.509	0.160***
ROADCLASS	−0.075	0.044†	−0.072	0.043†	0.064	0.110
SIDE_WID	−0.027	0.016†	0.024	0.016	−0.016	0.051
PARK_AREA	−0.029	0.018			0.212	0.144	0.118	0.102
REST_NUM	0.088	0.046†	0.131	0.046**	−0.092	0.304
POPDEN	0.025	0.022*			0.036	0.106	0.111	0.073
LIGHT_NUM	0.051	0.039			0.148	0.203
TREE_NUM	0.049	0.019**	0.070	0.017***	−0.160	0.120	−0.080	0.087
PAVEMENT	0.037	0.032			−0.031	0.118
PAVEMENT_W_tempo30_ratio	0.025	0.021			0.001	0.035
PAVEMENT_GR_ratio	0.045	0.015**	0.048	0.014***	−0.010	0.050
PAVEMENT_BEA_ratio	0.019	0.022	0.035	0.021†	−0.096	0.160
LANDUSE_HHI	0.037	0.016*	0.049	0.015**	−0.140	0.055*	−0.208	0.054***
Fixed effect for land use	Yes		Yes		Yes		No
Fixed effect for area	Yes		Yes		Yes		No
Fixed effect for building restrictions	Yes		Yes		Yes		Yes
Fixed effect for year	Yes		Yes		Yes		Yes
Fixed effect for PTSQL	Yes		Yes		Yes		No
Fixed effect for land type	Yes		Yes		Yes		No
Interaction term of PTSQL and area	Yes		Yes		Yes		No
R-squared	0.4296		0.4264		0.4855		0.4788
N	2157		2157		257		257

Notes: S.E. represents standard errors. Significance codes: ***p < .001; **p < .01; *p < .05; ^†p < .1. We adopted robust (heteroskedasticity-robust) standard errors.

Table A1. Building restriction codes of Vienna, with the maximum permitted building height within them.

Code	Maximum building height allowed
I	At least 2.5 m, but no higher than the street width +2 m, at most 9 m
II	At least 2.5 m, but no higher than the street width +2 m, at most 12 m
III	At least 9 m, but no higher than the street width +3 m, at most 16 m
IV	More than 12 m, but no higher than the street width +4 m (if the street width is >15 m) / +3 m (otherwise), at most 21 m
V	More than 16 m but not higher than twice the street width, at most 26 m
VI	More than 26 m not higher than twice the street width