With regard to direct financial impacts, studies from European countries as well as the United Kingdom suggest that property (both residential and commercial) located within proximity of a green space tend to be valued slightly higher than average. A collaborative study conducted by Future Cities Laboratory and National University of Singapore (NUS) has found that a resale Housing Development Board (HDB) flat situated in or near areas with greenery can fetch up to 3% more in price! A review of the resale prices of approximately 16,000 HDB flats sold between April 2013 to April 2014 revealed that on average, $11,200 of a flat’s price came down to the presence of green spaces located within a 1.6km radius of the property. Interestingly, it seems like not all greenery is equally desirable. The positive effect came almost entirely from managed vegetation such as recreational parks and gardens rather than natural vegetation which include nature reserves.

 

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