The impact of green open space on housing price in urban area

Green open space is very important for the functioning of an urban area. Moreover, it specifically remains a major United Nations target conveyed through the sustainable development goals. It may give significant contribution for environmental sustainability, safety, health, as well as for social and economic development. When green open space adequately provided, it offers multi-dimensional benefits to the community and substitutes to positively impact the property values. There are recent developments of green open space in Indonesia, including DKI Jakarta. This initiative aligns with an obligation as regulated by law no. 26/2007 on spatial planning to provide minimum 20% public green space of total urban area. The initiative of green open space continuously increased since 2015. It was recorded that 296 green open space has been built. This is a collaboration program between local government of DKI Jakarta and private sector to build a type of green space, with extra facilities specific for children. This research try to estimate the land value which can explain the house prices in the area of study with the existencies of green open space using hedonic pricing model.