Impacts of East Lake Scenic Area in Wuhan on Values of Adjoining Residential Property

It was become the consensus that urban open space had obvious improvement on the quality of city residential environment and then affected the price of house.However,quantitative analysis the distance gradient influence of open space on residential value was still weak.This paper used the Hedonic Price Model and GIS to quantitatively analyze the impact on the surrounding residential price of the East Lake scenic area of Wuhan.The results of the study showed that the East Lake had an obviously positive impact on the price of near houses.The unit price would be increased by 5.8% if the distance between residential and the east lake was reduced by 100m.This conclusion could provide the scientific basis for formulating property tax policy and developing urban benchmark land price system,as well as urban planning and environmental protection,in order to promote the orderly development of the city.