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Quantifying the link between art and property prices in urban neighbourhoods
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Seresinhe, Chanuki Illushka, Preis, Tobias and Moat, Helen Susannah (2016) Quantifying the link between art and property prices in urban neighbourhoods. Royal Society Open Science, 3 (4). pp. 1-7. 160146. doi:10.1098/rsos.160146 ISSN 2054-5703.
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Official URL: http://dx.doi.org/10.1098/rsos.160146
Abstract
Is there an association between art and changes in the economic conditions of urban neighbourhoods? While the popular media and policymakers commonly believe this to be the case, quantitative evidence remains lacking. Here, we use metadata of geotagged photographs uploaded to the popular image-sharing platform Flickr to quantify the presence of art in London neighbourhoods. We estimate the presence of art in neighbourhoods by determining the proportion of Flickr photographs which have the word ‘art’ attached. We compare this with the relative gain in residential property prices for each Inner London neighbourhood. We find that neighbourhoods which have a higher proportion of ‘art’ photographs also have greater relative gains in property prices. Our findings demonstrate how online data can be used to quantify aspects of the visual environment at scale and reveal new connections between the visual environment and crucial socio-economic measurements.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HT Communities. Classes. Races | ||||||
| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School |
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| Library of Congress Subject Headings (LCSH): | Urban economics, Real property -- Prices | ||||||
| Journal or Publication Title: | Royal Society Open Science | ||||||
| Publisher: | Royal Society | ||||||
| ISSN: | 2054-5703 | ||||||
| Official Date: | 27 April 2016 | ||||||
| Dates: |
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| Volume: | 3 | ||||||
| Number: | 4 | ||||||
| Number of Pages: | 7 | ||||||
| Page Range: | pp. 1-7 | ||||||
| Article Number: | 160146 | ||||||
| DOI: | 10.1098/rsos.160146 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||
| Date of first compliant deposit: | 3 August 2016 | ||||||
| Date of first compliant Open Access: | 4 August 2016 | ||||||
| Funder: | Engineering and Physical Sciences Research Council (EPSRC) | ||||||
| Grant number: | EP/K039830/1 (EPSRC), EP/K000128/1 (EPSRC) |
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