The impact of view-restriction: a Delphi case study from Budapest

Based on the international literature, the effect of an existing panoramic view on the Market Value of properties is positive and significant. This value-adding factor varies by location and by type of view. In Central Europe, no such evaluation study has been elaborated until now. New building construction may restrict the existing panorama; this is the other side of the same phenomenon. View restriction may result in stigmatization, a negative effect on the property. There are two major methodologies to observe the effect – Revealed Preference Method (RPM) and Stated Preference Method (SPM). One SPM approach is Contingent Valuation (CV), wherein wellinformed stakeholders give their opinion about the impact caused by the investigated effect. The CV methodology – using the Delphi approach – was employed to observe the Market Value decrease in the cases of several restricted panorama situations in Budapest. Based on the research, this effect in Budapest is in line with published western results. The result of the study can be used to support real estate developers and architects in their development decisions. © 2018 The Authors. Published by Diamond Congress Ltd. Peer-review falls under the responsibility of the scientific committee of the Creative Construction Conference 2018.