While their contributions to well-being are priceless, famous green lungs are worth this much relative to home prices.
By Property Report
Some of the most famous parks and gardens in the world have been known to take up prime tracts of land, in exchange for acting as a city’s green lung, spewing oxygen in behalf of inhabitants. Now a new study has calculated just how much they are really worth, relative to average prices of residential properties in their respective locations.
The Golden Gate Park in San Francisco and Central Park in New York were found to have the highest values of any green space on earth, according to the study commissioned and released by retailer Flymo.
Spanning an area beyond 4 million square metres, the Golden Gate Park is valued at over GBP35.5 million (USD49) billion based on prevailing San Francisco home prices at almost GBP9,000 (USD12,000) per square metre. Meanwhile, the iconic NYC park is estimated to be well worth over GBP32.9 billion.
Among Asian parks, Singapore’s Gardens by the Bay emerged as the most expensive, with an estimated value of around GBP14 billion. Tokyo was not far behind at number seven, with the 583,000-square-metre Shinjuku Gyoen fetching GBP5.7 billion.
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While the locations come out on top, they are not necessarily the most expensive places to buy land. “For example, if Hong Kong’s Kowloon Park were 30 times larger, a similar size to Golden Gate Park, that land would be worth over GBP70 billion,” Flymo researchers noted.
Kowloon Park is valued at GBP2.6 billion, just below the GBP2.7-billion Jingshan Park in Beijing.
The denudation of green space is well-documented in compact city environments around the world, according to a study by the Swedish University of Agricultural Sciences. “The loss of urban green space is rarely matched by the addition of more green space, potentially damaging the social value of these areas for decades to come.”
Here are the world’s top 12 city parks by land value, according to Flymo:
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