Spatial and temporal effects of urban wetlands on housing prices: Evidence from Hangzhou, China

•We estimate the amenity value and price effect of urban wetlands in Hangzhou, China.•We find significant and heterogeneous amenity values for proximity to urban wetland.•Local public goods have complementary effects on the amenity value of urban wetlands.•Amenity values of urban wetlands varies during the housing market cycle. Identifying urban wetland’s impact on housing prices and its amenity value has attracted much attentions. We estimate the heterogeneous price effects and amenity value of urban wetland for the Xixi National Wetland in Hangzhou, China, using the hedonic price method. By controlling for locational and community attributes, spatial and temporal effects, we found significant and heterogeneous amenity values for proximity to urban wetland. Urban wetland significantly increases housing values within the surrounding 5 km, and most significantly within 1 km. Proximity to the urban wetland by 1 km averagely increases housing prices by 195 yuan per square meter. Furthermore, proximity values for urban wetland have overall been increasing over the years, but vary throughout the housing market cycle.