How much are views worth?

Crompton and Nicholls report that “Twenty-seven empirical studies were identified that empirically estimated the impact on property values of views of open space. The review differentiated between street level and high-rise building views. Among the 17 street-level view studies, only five found substantial premiums which ranged from 4.9% to 9.29%, while four others reported either a small increase in value or mixed results. Five studies reported low-elevation views had no impact. Three reported a negative premium which was antithetical to expectations. In all three cases the view was of forest land, not parks or open space. Only ten studies addressed the impact of views from elevated buildings and nine of them were undertaken in China. The highest premiums were for views of residential gardens which two studies estimated at 24% and 17.2%. Five studies reported view premiums for neighbourhood parks averaging 5.6%, while two studies counter-intuitively reported that mountain views had a negative premium.”

John Crompton and Sarah Nicholls.  2022. “The Impact of Park Views on Property Values.” Leisure Sciences, vol. 44, no. 8, pp. 1099-1111, https://doi.org/10.1080/01490400.2019.1703125