Homes located within two kilometres of a public park in Dublin are made more valuable as a result of their closeness to the park.
That's according to a new report from Trinity College economists, Ronan Lyons and Finn McLaughlin presented at the ESRI in Dublin today.
Their research found that a 10% increase in park space within 2km of a dwelling is associated with a 5.5% increase in the price of that dwelling.
The analysis also suggests that Dublin's parks add about €3.4 billion to the value of housing stock nearby.
The impact of those higher property values is to boost local property taxes, with an additional €6 million being collected by local authorities from houses near parks as a result.
The researchers noted however that "non-park" green spaces did not impact on house values.
Instead it was only real Public Parks rather than green open spaces that boosted house prices.
The economists also noted that, despite its size, Phoenix Park which is by far the largest park in the Dublin Region - did not confer any additional boost to nearby property prices compared to smaller parks.
Perhaps surprisingly however, they found that what they described as "congestion-related-penalty" imposed on dwellings located too close to public parks.
In this regard the analysis showed the prices of houses located within 200 metres of a public park are actually negatively affected by being too close to the public amenity.
The information used for the analysis was gathered from almost 40,000 property transactions completed in Dublin between 2010 and 2018.
This was combined with data from the Property Price Register, Building Energy Ratings, the online property website Daft.ie, as well as intelligence from the Eircode system.
Additional spatial data on green-space amenities from the European Urban Atlas was also included.
With the average house in Dublin valued at €375,000, the researchers estimate that green spaces add about €7,000 to the average house prices.
With about 480,000 houses in the region the implication is that the total value added to Dublin houses by public parks amounts to €3.4 billion. This is almost 2% of the total value of all property in the capital.