The Spatial Effect of Urban Lakes on Housing Prices——The Case of the West Lake in Hangzhou
以杭州西湖为例，利用649个住宅小区数据，通过改进的特征价格模型分析城市湖泊对房价的空间差异影响，发现西湖对房价有显著正向外部效应，且存在方向异质性。
With important landscape ecological value and significant impact on the housing price,the urban lakes have been subject to the attention of scholars at home and abroad.This paper takes the West Lake of Hangzhou as an example,and uses the related 649 residential quarters of Hangzhou in 2011,then establishes the traditional hedonic price model,and improves the model from the dimensions of direction and distance heterogeneity,so as to empirically analyze the spatial differences of the effect of the Urban Landscape center to the housing price.The results showed that: ① The West Lake has a significant positive external effect on housing price in Hangzhou——housing price will drop by 0.226% as the distance to the West Lake increases by one percent.② The effect of the West Lake to housing prices has directional heterogeneity——the average spatial extent is 5.62km,while the price elasticity of the West Lake shows a significant difference in different directions.③ In the process of spreading to the surrounding with the West Lake as its center and with the shape of concentric circles,housing price's spatial sensitivity to the West Lake rendered a slowly increasing trend after the first sharp decrease.