The global real estate services firm looked at new prime build homes in major cities worldwide, and found that those with views over major parks commanded an average price premium of 34 per cent compared to an equivalent home lacking the view.
The researchers found that a park view is even more important than direct access, as having a park adjacent adds, on average, only 18 per cent value to a home.
Of the five cities analysed – London, New York, Sydney, Hong Kong and Singapore – London and New York lead the rankings in terms of the highest price premiums. Properties with views of London’s Royal Parks can command a 75 per cent premium, while prices in New York are 63 per cent higher on average.
When considering park-adjacent premiums, proximity to London’s Royal Parks can achieve a 33 per cent premium on average, with a 29 per cent premium on properties next to New York’s Central Park.
Flora Harley, research analyst at Knight Frank, equates this trend to the value people place on greenery.
“There is a wealth of evidence that supports the positive benefits of living close to green space,” she says. “A recent academic study published in 2019 found that living within 300 metres of urban green space such as parks, nature reserves or play areas is associated with greater happiness, a higher sense of worth, and improved life satisfaction.
“Further, data from our most recent Attitudes Survey, as featured in The Wealth Report 2020, found that half of ultra-high-net-worth individuals (UHNWIs) globally are taking proximity to green spaces, such as parks, into consideration when deciding where to buy.”
With 80 per cent of the surveyed respondents dedicating more of their time and money to their personal wellness, Harley says it is “no surprise that there is a premium for a prime new home with park views or proximity to a park”.
For Sydney, if you are not perched along Sydney Harbour, being near one of the city’s parks is the next best thing when it comes to flat living. The report found that buying a flat park-side attracts an average value uplift of 21 per cent compared to buying in a project a few streets back.
Crown Residences at One Barangaroo is one such property, described by Erin van Tuil, partner, Knight Frank, as “ideally located just steps away from Barangaroo Reserve, a beautiful six hectares of open headland space offering lookouts over Sydney Harbour, extensive walking and cycling tracks, tucked-away coves and idyllic picnic spots.
“In addition, half of the development precinct in which Crown Residences at One Barangaroo is situated is made up of open space, mainly Hickson Park, giving Sydneysiders and residents direct access to the harbour,” van Tuil continues. “These spaces help nurture different types of well-being, whether this be exercise, social activities, or simply quiet time for unwinding and relaxation.”
In London, the scarcity factor makes park-facing properties appeal both as trophy assets in which to live, as well as rare investment properties, which Knight Frank says can often outperform the wider market thanks to their vistas.
According to Rupert des Forges, partner, prime central London development at Knight Frank, by 2022 there will be eight modern park-facing developments on London’s Hyde Park edge. “However, despite an increase in supply from current low levels, we estimate, based on current demand volumes and tenure of occupancy, that at any one time, there will be fewer than 10 park-facing flats available for sale in these schemes, demonstrating a fleeting opportunity,” he says.
The latest addition is The Bryanston, Hyde Park. Directly overlooking Hyde Park, the residences are located on the historic Marble Arch corner of the park, the original gateway to Buckingham Palace. Apart from expansive windows which maximise the far-reaching park and London skyline views, the property includes a private wellness facility housing a 25-metre swimming pool, steam room, sauna and gymnasium.
Over in the US, park views are one of the most desired attributes of New York City real estate. According to Amy Williamson, director of sales at new condominium tower 111 West 57th Street, none can compare to the stunning vistas from the second-tallest flat building in America.
“At 111 West 57th Street, residents are offered the rare opportunity to live perfectly centred overlooking Central Park,” she says. “Our limited collection of tower residences starts on the 25th floor, and are all full-floor or duplex homes, most with spectacular and unobstructed views spanning the entire park.”
But there are anomalies closer to home. In Singapore, the price premium attached to a property near the Botanical Gardens is just 2 per cent, nudging up to 5 per cent for homes with a green view. This is likely to be because 47 per cent of the city is publicly available green space – the most of all cities in the research.
Dr Lee Nai Jia, of Knight Frank Singapore, says that with the emphasis on a sustainable city, “there is an abundance of green space available, which means the premium is less when compared with those cities where the park essentially serves as a rare green lung”.
A similar picture emerges in Hong Kong, where a park view or park-adjacent inflates a home’s price by just 5 per cent. Flora Harley explains. “Hong Kong's lower premium reflects the findings in Knight Frank's Attitudes Survey which confirms UHNWIs in Hong Kong show the least concern out of the regions we look at in regard to access to green space, with only 17 per cent citing it as an increasingly important consideration.”
Like Singapore, Hong Kong also boasts a large amount of publicly available green open space – 40 per cent across the city, compared to London (33 per cent) and New York (27 per cent).
Not only do properties near a park achieve a price premium, they are often larger than their counterparts, to maximise the benefit of available views. Knight Frank data confirms that, on average, properties with park frontage are around 70 per cent bigger. Singapore and Sydney offer bigger homes on the park but in smaller multiples. In Singapore, homes are on average a fifth bigger, and in Sydney floor spaces are 17 per cent bigger than new build homes in the wider central business district.
Buying guide
What you can buy from £2.6 million (US$3.2 million) in London:
A one-bedroom flat at The Bryanston, Hyde Park, a collection of 54 luxury flats directly overlooking London's Hyde Park. Developed by Almacantar in partnership with the Portman Estate, the scheme is scheduled for completion at the end of 2020.
The Bryanston, Hyde Park offers breathtaking views of the famous park and the London skyline plus a superb wellness
What you can buy from US$16 million in New York:
A luxury flat at 111 West 57th Street, a contemporary landmark centred on Manhattan's Central Park. Soaring to 1,428 feet and commanding 360-degree views, the SHoP Architects-designed tower offers an intimate collection of 46 full-floor and duplex condominium residences with interiors by acclaimed Studio Sofield.
Want more stories like this? Sign up here. Follow STYLE on Facebook, Instagram, YouTube and Twitter .
Help us understand what you are interested in so that we can improve SCMP and provide a better experience for you. We would like to invite you to take this five-minute survey on how you engage with SCMP and the news.
ncG1vNJzZmivp6x7tK%2FMqWWcp51kuqKzwLOgp52jZMC1xcueZqedp6h6tb7Ep5usZ5Gnwaqvy55mbGhoaYR6fY6lpqecn6PAbrTYnZxmqJGnuG6tzZ1kp7GTqHqksc2tqZqkXaWus7eMrJ%2Bor12dvLh5xquYrKup