International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 12 Issue: 02 | Feb 2025
p-ISSN: 2395-0072
www.irjet.net
Title, Green Spaces and Property Prices: The Economic Benefits of Urban Parks through Land Value and Carbon Storage in Addis Ababa, Ethiopia. K. Lakachew Abitew1, Liu Tao, 2 Meiyan Xing 2 Menber Asmare 3 Birhanu Germa 3 1, 3 College of Environmental Science and Engineering, Tongji University,1239 siping road, Shanghai 200092, China 2* College of Environmental Science and Engineering, Department of Environmental Science and Engineering.
----------------------------------------------------------------------------***-------------------------------------------------------------------------Earth’s surface, significantly affecting urban core zones I. ABSTRACT (UCZs)[2]. Urbanization is a major catalyst for land use change worldwide, accelerating the expansion of impermeable surfaces and causing catastrophic loss of natural and agricultural lands [3]. This rapid urbanization trend has numerous negative consequences for the environment. Urban green spaces like parks, forests, and wetlands play a crucial role in mitigating climate change by absorbing and storing carbon dioxide. However, the loss of these areas diminishes their capacity to sequester carbon, exacerbating global warming. Research indicates that urban trees are particularly effective carbon sinks, with storage capacities varying from 25 to 400 metric tons per hectare. As these natural carbon capture systems disappear, the Earth's ability to counteract greenhouse gas emissions significantly reduced [4]. Green spaces are being marketed as efficient urban cooling solutions as cities struggle with the growing problems of urban heat and its effects on vulnerable groups, especially elderly individuals [5]. Their absence has negative impacts on human health and energy consumption, especially during heat waves, due to rising temperatures. Studies have shown that urban heat island effects can increase temperatures by several degrees Celsius, leading to increased heat-related deaths and illnesses [6]. Green spaces play a vital role in maintaining healthy and resilient ecosystems by providing habitat for a variety of plants and animals [7]. Their loss leads to loss of biodiversity, disruption of food chains, and potentially impacts food security and resource availability. The Convention on Biological Diversity estimates that urban sprawl is the leading cause of biodiversity loss worldwide [8]. City dwellers rely on green spaces for relaxation, exercise, and stress relief. Their absence can have a significant impact on mental and physical wellbeing, leading to increased healthcare costsand reduced qu ality of life. Studies have shown that having green spaces improves mental health, reduces stress levels, and increases physical activity levels [9].
This study examines the economic impact of urban parks in Ethiopia, focusing on carbon sequestration, property values, and revenue generation. The research surveyed 561 visitors, revealing that 95.88% have at least a high school education, with 65.05% holding some college education or higher. Analysis of six urban parks showed significant variations in their economic contributions. Entoto Park emerged as the highest revenue generator, contributing 42,224,000 in entrance fees, while Shegre Park generated the least at 1,816,000. The study found that properties near urban parks commanded a 20.8% price premium compared to those farther away. Carbon sequestration analysis of Gullele Botanical Garden (GBG) revealed a total carbon stock of 690,140.49075 tons, with 99.85% stored in biomass and 0.15% in soil—the monetary value of this carbon stock calculated at USD 3,315,834.39. Job creation varied significantly among parks, with Entoto Park creating 1,442 jobs and Shegre Park only 57. The research also projected that over 99 years; the carbon stock value of GBG could increase to USD 8,879,276.15, surpassing its current land value of USD 8,151,548.73. Keywords: Carbon Sequestration, Urban Parks, Economic Impact, Land Value, Job Creation, Property Enhancement, Climate Mitigation.
1. INTRODUCTION 1.1.
Urbanization and Loss of Green Infrastructure
The global rise in population has led to a substantial increase in the urban population. In 1960, only 34 % of the world’s population resided in cities, whereas by 2022, this number had almost doubled to 57 %. The World Bank (2023) projects that this trend will continue, with an estimated urban population of 70 % by 2050 [1]. The European Union has already reached this level, as evidenced by the fact that 75 % of its population resided in urbanized areas in 2022 [1]. Urbanization is a major driver of socio-economic changes that not only affect land use but also have additional impacts on multiple layers of the
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In the rapidly urbanizing landscape of Addis Ababa, Ethiopia, the role of green spaces and urban parks is undergoing a profound reevaluation. Once viewed
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