The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing

Tom Gillespie; Ronan C. Lyons; Stephen Hynes

doi:10.3368/le.100.2.071522-0056R

The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing

Tom Gillespie
, Ronan C. Lyons
, Stephen Hynes

Research output: Contribution to a Journal (Peer & Non Peer) › Article › peer-review

4 Citations (Scopus)

Abstract

This article develops a new measure of sea view breadth and depth, based on a combination of GIS 3D simulation and natural language processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. We estimate the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014–2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.

Original language	English
Pages (from-to)	278-295
Number of pages	18
Journal	Land Economics
Volume	100
Issue number	2
DOIs	https://doi.org/10.3368/le.100.2.071522-0056R
Publication status	Published - 2024
Externally published	Yes

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10.3368/le.100.2.071522-0056R

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title = "The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing",

abstract = "This article develops a new measure of sea view breadth and depth, based on a combination of GIS 3D simulation and natural language processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. We estimate the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014–2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1\% rising to 15\% for a wide breadth of sea view.",

author = "Tom Gillespie and Lyons, \{Ronan C.\} and Stephen Hynes",

note = "Publisher Copyright: {\textcopyright} 2024 by the Board of Regents of the University of Wisconsin System",

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AU - Hynes, Stephen

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AB - This article develops a new measure of sea view breadth and depth, based on a combination of GIS 3D simulation and natural language processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. We estimate the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014–2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.

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DO - 10.3368/le.100.2.071522-0056R

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The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing

Abstract

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