PT  - JOURNAL ARTICLE
AU  - Gillespie, Tom
AU  - Lyons, Ronan C.
AU  - Hynes, Stephen
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  - 2024 May 01
TA  - Land Economics
PG  - 278--295
VI  - 100
IP  - 2
4099  - http://le.uwpress.org/content/100/2/278.short
4100  - http://le.uwpress.org/content/100/2/278.full
AB  - This article develops a new 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. We estimate 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.