How much is a park worth? Preliminary impact assessment and cost-benefit analysis methodology on the example of “Millenáris Széllkapu”

HETFA Working Paper No. 2017/26

Zsolt Szendrei, Vera Iváncsics, József Obertik, Zsolt Baranyai, Gábor Balás (2017): How much is a park worth? Preliminary impact assessment and cost-benefit analysis methodology on the example of “Millenáris Széllkapu”. ISSN 2062-378X

Examination of the return of public parking lots raises a number of methodological questions. The model developed by HÉTFA Research Institute consists of a cost-benefit analysis of a public park in urban environment and a preliminary examination of its return. The authors implemented the mechanism of action during the study and evaluated the costs and benefits of the project using domestic, international statistical and benchmark indicators with the help of the hedonic price method.

Based on the analysis, due to their significant external effects, park developments with a large population and high building density will become economically viable investments. Therefore it is worthwhile for decision-makers to take into consideration such developments in the future.