The value of view through the eyes of real estate experts: A Fuzzy Delphi Approach

So far, numerous studies have established that view plays a significant role in the market price of a dwelling. The vast majority of those studies have been conducted by means of the hedonic pricing method, which is generally considered to be time-consuming and expensive. In addition, several issues such as model specification and interpretation of results are also argued to be important in the relative literature. This paper presents the results of a study aimed at exploring the effect of pleasant and unpleasant views, e.g. green areas, seashore, cultural monuments, cemeteries, and industrial facilities, on property prices in the broader area of Athens, Greece. The survey was carried out using an alternative approach, which is based on an expert judgment technique, namely the Fuzzy Delphi method. The results indicate that a pleasant view could considerably increase the price of a house, up to about 50%, while an unpleasant view could lead to a decrease in the house price even by about 25%. The implementation of the Fuzzy Delphi method in the field of scenic view valuation seems to be promising, at least from a practical point of view. The method is fast, flexible and inexpensive and could be used as an alternative to hedonic analysis. However, the method faces some shortcomings and further research would be necessary before any firm conclusions could be drawn. (C) 2011 Elsevier B.V. All rights reserved.