TY - CONF T1 - HOW LONG DOES STIGMA IMPACT PROPERTY VALUES? T2 - Urban Real Estate Markets: a Catalyst for Economic Growth and Development - the 14th African Real Estate Society Conference Y1 - 2014 A1 - Judith Callanan A1 - Chris Eves KW - High voltage transmission lines KW - impact on value KW - Nimby KW - stigma KW - Valuation AB -

PURPOSE: The purpose of this paper is to determine the impact stigma has on property values and how long the stigma remains after the Not in My Back Yard (NIMBY) structure has been removed.

DESIGN/METHODOLOGY/APPROACH: A quantitative analysis was undertaken, using a high voltage overhead transmission line (HVOTL) case study, to determine the effect on property values prior and post removal of the NIMBY structure. A repeat sales index in conjunction with the regression analysis determined the length of time, the stigma remained after removal of the NIMBY structure.

FINDINGS: The results show that while the NIMBY is in place the impact on value is confined to those properties in close proximity. This is in contradiction to the findings, where on removal of the NIMBY the property values of the whole neighbourhood improve with the stigma remaining for 3 to 4 years.

RESEARCH IMPLICATIONS: The implication of this research is that property Valuers need to change the way they take into account the presence of NIMBYs when valuing property with more emphasis, being placed on the neighbourhood rather than just the properties in close proximity. While the HVOTL was in place, only properties in close proximity were negatively affected, but on removal of the HVOTL the whole neighbourhood increased in value.

ORIGINALITY/VALUE: Results expand on current knowledge by demonstrating the length of time the market takes to adjust to the removal of a NIMBY structure.

 

JA - Urban Real Estate Markets: a Catalyst for Economic Growth and Development - the 14th African Real Estate Society Conference T3 - AfRES PB - African Real Estate Society CY - Cape Town, South Africa SP - 165-174 J1 - AfRES 2014 ID - oai:afres.id:afres2014_118 M3 - 10.15396/afres2014_118 ER -