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Parks and open space contribute to increasing nearby property values. This review of numerous studies indicates that a 20% increase is a reasonable estimate, though the impact varies with park size, use, and design.

Crompton, John L. (2005). The impact of parks on property values: Empirical evidence from the past two decades in the United States. Managing Leisure, 10, 203-218.

In Austin, Texas, the increase in the value of homes adjacent to a greenway in three studied neighborhoods adds up to an estimated $27.28 million. The actual economic value of the greenway is likely much higher, as...

Nicholls, Sarah, and John L. Crompton. (2005). The impact of greenways on property values: Evidence from Austin, Texas. Journal of Leisure Research, 37, 321-341.

A study of 85 office buildings in Cleveland found 7% higher rental rates for commercial offices with landscapes rated highly for their aesthetic value and shade.

(2003). The influence of trees and landscaping on rental rates at office buildings. Journal of Arboriculture 29(5): 281-290.

A Berlin study found that proximity to playgrounds in residential areas raised land values by up to 16%. The same study found a high number of street trees to raise values by 17%.

Luther, Mike, and Dietwald Gruehn. (2001). Putting a price on urban green spaces. Landscape Design: Journal of the Landscape Institute, 303, 23-26.

A Dutch study determined the increase in property value for homes with nearby landscape amenities, based on the type of amenity. The most economically significant amenity, having a water body adjacent to the back...

Luttik, Joke. “The Value of Trees, Water and Open Space as Reflected by House Prices in the Netherlands.” Landscape and Urban Planning 48, no. 3-4 (2000): 161–67. https://doi.org/10.1016/s0169-2046(00)00039-6.

An analysis of neighborhoods surrounding three greenbelt areas in Boulder, Colorado, indicated a $4.20 decrease in the price of residential properties for every foot moved away from greenbelts.

Correll, Mark R., Jane H. Lillydahl, and Larry D. Singell. (1978). The effect of greenbelts on residential property values: Some findings on the political economy of open space. Land Economics 54(2), 207-217.

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