ECONOMIC VALUE OF GREEN SPACES IN RESIDENTIAL PLOTS OF DAR ES SALAAM CITY, TANZANIA: A HYBRID APPROACH FOR DATA SCARCE URBAN SETTLEMENTS

Abstract

The benefits of green spaces in urban areas are well known. However, the monetary values and appropriate approach of green space valuation at residential plots are yet to be established with certainty. The main objective of this study was to determine the economic value of green spaces in data scarce urban settlements. The study used a hybrid approach for determining economic value of green spaces by considering services, disservices and investment costs. Data were collected through questionnaire and physical observation. After factoring in disservices and investment costs, existing valuation methods like contingent valuation, market price and travel cost were concurrently applied at plot levels for all services. Using the hybrid approach, the average net monetary benefit of residential green spaces was established to TZS 3,148,619 (1369USD) per plot per year. The green spaces in residential plots were found to age from 4 to 17 years since their establishment, and the average monetary cost put on green space was TZS 15,678,771 (6,817USD) per plot. Thus, knowing economic values of green spaces can help in property valuation and compensation related issues.

Key words: Approach economic value: (dis)services; green spaces