PT  - JOURNAL ARTICLE
AU  - Tom Gillespie
AU  - Ronan C. Lyons
AU  - Stephen Hynes
TI  - The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing
AID  - 10.3368/le.100.2.071522-0056R
DP  - 2023 Oct 16
TA  - Land Economics
PG  - 071522-0056R
4099  - http://le.uwpress.org/content/early/2023/10/09/le.100.2.071522-0056R.short
4100  - http://le.uwpress.org/content/early/2023/10/09/le.100.2.071522-0056R.full
AB  - This paper develops a novel measure of sea-view breadth and depth, based on a combination of GIS 3D simulation and Natural Language Processing (NLP) techniques. NLP identifies properties that have a sea view, while GIS measures its extent. It then estimates the value of a sea view using a hedonic housing price model and a sample of over 100,000 sales listings in Ireland, 2014-2019. We find that a sea view can add significant value to a property, all else being equal, with an average premium of 8.1% rising to 15% for a wide breadth of sea view.