Key Elements of the Proximity Principle

• Property Value Enhancement:

Properties adjacent to or near public green spaces often command a premium in real estate markets.

Studies show that property values can increase by 5% to 20% depending on the type and quality of the green space.

• Quality of Life Benefits:

Proximity to green spaces improves mental and physical well-being by providing residents with opportunities for recreation, relaxation, and social interaction.

Access to natural areas enhances the aesthetic appeal of neighborhoods.

• Safety and Community Benefits:

Green spaces foster safer neighborhoods by encouraging outdoor activity, which increases "eyes on the street."

They promote a sense of community through shared spaces for gatherings, sports, and other social events.

• Environmental Impact:

Green spaces contribute to better air quality, reduced urban heat, and improved stormwater management, benefiting nearby properties.

The ecological health of a region can also attract environmentally conscious buyers.

• Accessibility Gradient:

The principle works on a gradient: properties immediately adjacent to green spaces often see the most significant benefits, but even those within walking distance (usually up to ½ mile) experience a positive impact.

 The Economic Benefits of Parks and Open Space

Organization: The Trust for Public Land

Findings: Demonstrated that homes adjacent to parks and green spaces experienced a 5-20% increase in property values.

Link: tpl.org

Parks and Property Values

Author:John L. Crompton

Published in: National Recreation and Park Association (NRPA)

Findings:Crompton’s research outlines the “hedonic pricing method,” where greenspaces significantly enhance nearby property values.

Link: nrpa.org

Urban Green Spaces and Real Estate Value

Organization: Environmental Research Letters

Findings: Properties within 500 meters of high-quality urban green spaces showed a consistent price premium.

Link:
iopscience.iop.org

"Introducing well managed public green-space leads to a net improvement in every aspect of urban community life"

Scientific American