Valuing Park Vegetation Quality: A Spatial Hedonic Analysis of Residential Properties in the Nuvali Area, Laguna

Date

5-2026

Degree

Bachelor of Science in Economics

College

College of Economics and Management (CEM)

Adviser/Committee Chair

Asa Jose U. Sajise

Committee Member

Jaimie Kim B. Arias, Maria Angeles O. Catelo

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Abstract

The study estimates the capitalized value of urban park vegetation quality on residential property prices in the Nuvali area of Laguna, Philippines. Using 189 “web scraped” property listings across Santa Rosa, Cabuyao, Biñan, and Calamba, the Hedonic Pricing Method was applied alongside spatial econometric techniques to account for spatial dependence in the housing market. Park vegetation quality was measured through the Normalized Difference Vegetation Index (NDVI) derived from Landsat 8 satellite imagery.

Following confirmation of spatial autocorrelation via Moran’s I, the Spatial Autoregressive Model was selected as the preferred specification. Results show that park vegetation quality is a positive and statistically significant determinant of property values, with a marginal willingness- to-pay of approximately ₱2,604,712 per 0.1 unit increase in NDVI, a premium of roughly 21.9%. Park size was found to be insignificant in the main model indicating that vegetation quality matters more than park area to residential buyers. Structural variables such as floor area, lot area, and number of bedrooms also emerge as significant positive determinants of price, consistent with standard hedonic theory. Findings were consistent across multiple robustness checks. The study contributes empirical hedonic pricing evidence to the limited Philippine literature and recommends prioritizing park greening investments over area expansion in urban development policy.

Language

English

Location

UPLB College of Economics and Management (CEM)

Call Number

LG 993.5 2026 E2 R63

Notes

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Award: Best Undergraduate thesis in Environmental Economics 

Document Type

Thesis

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