The effects of noise pollution produced by road traffic of Naples Beltway on residential real estate values

摘要

Noise pollution generated by road traffic represents a damage factor for property values when sound pressure levels exceeds normal tolerability limit. In fact, noise emissions over the normal tolerability limit cause a real estate values reduction and lower marketability in terms of willingness to pay by traders. In this study the effects of noise pollution produced by road traffic of Naples Beltway on residential real estate values for a central urban area have been evaluated. These economic effects were evaluated using an econometric analysis of property prices (Land Price Analysis) based on a hedonic price function built through a semiparametric additive model (Penalized Spline Semiparametric Method) and applied to a sample of defined residential real estate market of Naples. In line with indications provided by wide literature examined, for increase of an sound level unit (expressed in dB) it was verified that average depreciation percentage for real estate values ranges from 0,30% (diurnal emissions) to 0,33% (nocturnal emissions).