Green spaces, as the name suggests, are areas of greenery or vegetation in urban and suburban regions. Parks, botanical gardens, urban forests, greenways, sports fields, picnic areas, urban meadows, riverbanks, wetlands, marshes, rooftop gardens, and vertical gardens all fall under the category of green spaces. Such areas comprise a part of green infrastructure and are designed and maintained for their numerous benefits.
Why are Green Spaces Important?
Green spaces help in improving well-being and quality of life. They help transform crowded cities into healthier places to live. And this seems to be the need of the hour, considering that the urban population has steadily risen between 1960-2020. Living in urban spaces typically increases exposure to environmental hazards and curtails access to nature. Many urban areas are facing pressure due to increasing population and climate change. In the face of such challenges, green spaces can play a key role in the creation of sustainable living environments. Green spaces offer several environmental benefits, such as air quality improvement, biodiversity maintenance, climate regulation, and mitigation of the impact of extreme weather events. Besides these, green spaces offer several other benefits to urban residents such as increased exposure to nature, scenic and serene views, physical and mental health improvement, recreational opportunities, and community cohesion.
Evolution of Green Spaces
The growing recognition of the need for green spaces and their multifaceted benefits has led to changes in urban development priorities. Public health initiatives, scientific studies, documentaries, environmental campaigns, social media posts, and most recently the pandemic impact have collectively contributed to a heightened awareness of sustainability and green living. The latest trends revolve around the use of technology for managing green spaces, such as smart irrigation systems. Efforts are also being made to utilize parts of the urban landscape for food production. An example of this kind would be rooftop farms.
Impact on Home Values
Due to the growth of awareness, people are increasingly demanding high-quality environments for living. Many are showing a preference for attached or accessible green spaces. The demand for homes around green spaces is driven by a combination of health, aesthetic, social, environmental, and even economic factors. The provision of green spaces in urban areas is an investment in health and social well-being, but it does lead to monetary returns. Green spaces in an urban environment in general lead to an increase in home values. To what extent the home value will increase will depend on factors such as proximity to green spaces, the aesthetic appeal, and the impact of the green spaces in the vicinity. Significant research has been conducted on this subject. According to one study, community parks seem to add the most value to residential prices. Architectural views and street scrapes have the opposite effect. Another study suggests that a mere 1% increase in distance from parks lowers the residential unit prices by 0.020%. Yet another study concluded that houses that had parklands in a 1000-m service radius had higher prices. Research also suggests that different types of green spaces affect housing prices differently. The green spaces with higher ratings on factors such as maintenance and accessibility are associated with higher housing prices. Statistical analysis of housing sales over a 20-year period revealed that most types of green spaces positively impact housing prices, and that corridor green spaces seem to affect the prices of adjacent properties.
Designing and Maintaining Urban Green Spaces
Sustainable urban planning calls for balancing the creation of green spaces with the acute need for housing. Several measures can be taken to pursue this complex yet essential goal. Designing multifunctional green spaces is an option. Another one is to create compact green spaces within urban areas, such as pocket parks, rooftop gardens, and green walls. It’s not sufficient to just design and create more green spaces. It’s not a once-and-done thing. The condition of the green spaces will also affect the prices of the properties in the vicinity. Poor maintenance will lead to negative impressions on potential buyers or tenants. Rather than an increase in home values, neglected green spaces will negatively impact the prices. One way to work around this would be the creation of green spaces that do not require as much maintenance. For instance, using sturdy landscape fabric in the cute little garden in front or behind a house will prevent it from being overrun by weeds. It would mean lower maintenance costs, more convenience, reduced upkeep requirements, and higher visual allure. Such a garden would add to the turnkey appeal for prospective new owners or tenants. Strategic landscaping techniques will lead to the creation of low-maintenance green spaces that increase the value of homes around.
Wrapping Up
Green spaces can significantly improve living conditions and the desirability of residential properties. The benefits of green spaces can make homes in the area more valuable. However, this holds in cases where green spaces are well-maintained. Other factors related to green spaces, such as proximity, will also impact the value increment. Continued investment in green spaces is likely to bear more fruits in the form of high ROI.
Written by the team at JHB Supply.