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Quantifying the link between art and property prices in urban neighbourhoods

Is there an association between art and changes in the economic conditions of urban neighbourhoods? While the popular media and policymakers commonly believe this to be the case, quantitative evidence remains lacking. Here, we use metadata of geotagged photographs uploaded to the popular image-shari...

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Detalles Bibliográficos
Autores principales: Seresinhe, Chanuki Illushka, Preis, Tobias, Moat, Helen Susannah
Formato: Online Artículo Texto
Lenguaje:English
Publicado: The Royal Society 2016
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4852651/
https://www.ncbi.nlm.nih.gov/pubmed/27152228
http://dx.doi.org/10.1098/rsos.160146
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author Seresinhe, Chanuki Illushka
Preis, Tobias
Moat, Helen Susannah
author_facet Seresinhe, Chanuki Illushka
Preis, Tobias
Moat, Helen Susannah
author_sort Seresinhe, Chanuki Illushka
collection PubMed
description Is there an association between art and changes in the economic conditions of urban neighbourhoods? While the popular media and policymakers commonly believe this to be the case, quantitative evidence remains lacking. Here, we use metadata of geotagged photographs uploaded to the popular image-sharing platform Flickr to quantify the presence of art in London neighbourhoods. We estimate the presence of art in neighbourhoods by determining the proportion of Flickr photographs which have the word ‘art’ attached. We compare this with the relative gain in residential property prices for each Inner London neighbourhood. We find that neighbourhoods which have a higher proportion of ‘art’ photographs also have greater relative gains in property prices. Our findings demonstrate how online data can be used to quantify aspects of the visual environment at scale and reveal new connections between the visual environment and crucial socio-economic measurements.
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spelling pubmed-48526512016-05-05 Quantifying the link between art and property prices in urban neighbourhoods Seresinhe, Chanuki Illushka Preis, Tobias Moat, Helen Susannah R Soc Open Sci Special Feature Is there an association between art and changes in the economic conditions of urban neighbourhoods? While the popular media and policymakers commonly believe this to be the case, quantitative evidence remains lacking. Here, we use metadata of geotagged photographs uploaded to the popular image-sharing platform Flickr to quantify the presence of art in London neighbourhoods. We estimate the presence of art in neighbourhoods by determining the proportion of Flickr photographs which have the word ‘art’ attached. We compare this with the relative gain in residential property prices for each Inner London neighbourhood. We find that neighbourhoods which have a higher proportion of ‘art’ photographs also have greater relative gains in property prices. Our findings demonstrate how online data can be used to quantify aspects of the visual environment at scale and reveal new connections between the visual environment and crucial socio-economic measurements. The Royal Society 2016-04-27 /pmc/articles/PMC4852651/ /pubmed/27152228 http://dx.doi.org/10.1098/rsos.160146 Text en http://creativecommons.org/licenses/by/4.0/ © 2016 The Authors. Published by the Royal Society under the terms of the Creative Commons Attribution License http://creativecommons.org/licenses/by/4.0/, which permits unrestricted use, provided the original author and source are credited.
spellingShingle Special Feature
Seresinhe, Chanuki Illushka
Preis, Tobias
Moat, Helen Susannah
Quantifying the link between art and property prices in urban neighbourhoods
title Quantifying the link between art and property prices in urban neighbourhoods
title_full Quantifying the link between art and property prices in urban neighbourhoods
title_fullStr Quantifying the link between art and property prices in urban neighbourhoods
title_full_unstemmed Quantifying the link between art and property prices in urban neighbourhoods
title_short Quantifying the link between art and property prices in urban neighbourhoods
title_sort quantifying the link between art and property prices in urban neighbourhoods
topic Special Feature
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4852651/
https://www.ncbi.nlm.nih.gov/pubmed/27152228
http://dx.doi.org/10.1098/rsos.160146
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