Finally, the coefficient of the hedonic variable remaining in the model (the distance from a park or a public
garden) indicates that the price of the housing relates
inversely with the distance that separates it from an
urban green space. Hence, a dwelling located a hundred meters from a green area will be worth 328,400
pesetas less than another with identical characteristics
but located next to a garden or an urban park. This result is in accordance withBolitzer and Netusil (2000)
who concluded that proximity to an open-space can
have a statistically significant effect on home selling
price, as well as withTyrvainen and Miettinen (2000)
whose results demonstrated that a 1 km increase in
the distance from the nearest forested area leads to
an average 5.9% decrease in the market price of the
dwelling. Nevertheless, though being significant, this
effect seems to be rather humble compared with the
influence of another variables such the living area of
the dwelling or its status with respect to official protection regulations.