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  1. بررسی اثر اجرای مصوبه برج - باغ و خانه - باغ بر قیمت املاک مجاور در شهر تهران

Evaluation of the Impact of Implementing the Tower-Garden and House-Garden Resolution on the Prices of Neighboring Properties in Tehran

Foroughi, Somayeh | 2025

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 58779 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Vesal, Mohammad; Tajrishi, Saeed
  7. Abstract:
  8. Since 2004, the Tehran City Council, through the enactment of the “Tower-Garden Regulation”, initiated formal rulemaking concerning construction in the city’s gardens. This regulation pursued two primary objectives: (i) preventing the destruction of urban gardens while ensuring their preservation and restoration, and (ii) generating fiscal revenues for the municipality. In 2007, the regulation was ratified by the Supreme Council of Urban Planning and Architecture and was subsequently extended to all cities nationwide. The implementation of this policy, through various institutional mechanisms, could generate either positive or negative spillover effects on the market value of neighboring properties. Over time, the regulation underwent several amendments, the most significant of which occurred in 2019, when it was rebranded as the “House-Garden Regulation.” Similar to many global cities facing land scarcity, Tehran adopted land-use rules that allowed the conversion of gardens into alternative uses. However, in the Iranian context, there exists limited empirical evidence regarding the neighborhood-level impacts of garden conversion—despite gardens being among the most valuable urban amenities—evidence that could inform the policy debate and guide urban planners toward more effective decision-making. This dissertation, drawing on property-level data from Tehran and applying a difference-in-differences identification strategy, estimates the causal impact of garden destruction and subsequent redevelopment on adjacent property values. The findings indicate that, in most cases, the destruction of gardens generates a positive and statistically significant capitalization effect on nearby housing prices. Specifically, a one-hectare increase in the area of destroyed gardens over a three-year horizon raised property values by approximately 2.9%, with long-term effects reaching up to 4.7%. After controlling for neighborhood-level covariates and time trends, the estimated effect declined to around 1.4%, yet remained positive and significant
  9. Keywords:
  10. Land-Use Regulation ; Externality ; Difference-in-Difference Method ; Green Area ; Residential Property Values ; Urban Gardens ; Land-Use

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