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The effects of noise on real estate prices in Prague
Straková, Beáta ; Melichar, Jan (advisor) ; Šohajová, Renata (referee)
In my thesis I deal with the effects of noise on real estate prices in our capital city. The aim is to estimate the traffic noise impact on property prices, using the hedonic price method. Hedonic price analysis is a useful tool for evaluating the impact of environmental policies, especially for assessing measures aiming to reduce traffic noise, and for apprising landscape architecture during the forming of green quiet areas in the city. In the theoretical part of the thesis I deal with the noise characteristics, hedonic price method, and searches of foreign studies that are centered on the benefits of the silence in households. From these studies, I deduced how the noise affects the real estate market, defined the determinants of the real estate valuation, and showed the appropriate format of these determining variables. The practical part of my work focuses on estimating the effect of particular characteristics of a property on its price. From the noise and real estate price data plotted on the map of Prague, I evaluate the relationship between the noise reading and the real estate price, using the econometric analysis. According to my findings, the negative correlation has been proven to be of a significant measure.
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