As far as environmental variables are concerned,
only the distance from a green area is significant. According to the estimates obtained, every 100 m further away from a green area means a drop of 300,000
pesetas approximately ( 1800) in the housing price.
Hence, its proximity to the green area is more relevant than its size. Although the distance effect can be
consider as modest, it has important policy implications for urban planning since it seems to indicate that
provision of numerous small green areas throughout
the city is more appropriate than a few vast parks. In
the final analysis, large park areas should be created
and planned as complements to small landscaped gardened areas.