Integrating non-monetary and monetary valuation methods - SoftGIS and hedonic pricing

- SoftGIS and hedonic pricing are compatible.
- Their integration provides meaningful information on the value of urban green space.
- Formal green spaces of high perceived value exert a positive impact on property prices.
- Formal green spaces of low perceived value exert a negative impact on property prices.
- Still, it is possible to depict trade-offs between different value domains in the case of informal green spaces.

In order to address the increasing need for improved linkages between different value perspectives, we examine the possibility of integrating two valuation methods: the non-monetary softGIS and monetary hedonic pricing. We find them compatible and their output more comprehensive compared to traditional valuation based on one value perspective. The public participatory softGIS survey delivers information on the perception of urban green spaces, which we use as a criterion for dividing green space categories in a hedonic pricing model. We find that the perception expressed in the survey is generally consistent with the impact on property prices in the case of formal green spaces. However, it is inconsistent when it comes to informal ones: places identified as lacking well-maintained greenery exert a positive influence on property prices, while positively evaluated informal green spaces had no impact at all. We identify the latter as a typical trade-off between different value perspectives: informal green spaces are perceived differently following a monetary and a non-monetary approach.