What is our green space worth?
Of course, with parks and green spaces situated in densely populated cities, there will be other parties, such as commercial developers, who might want to build over this public space at the first opportunity.
To work out the hypothetical land value of some of the most iconic urban parks in the most desirable cities around the world, we used the current cost of living data from Numbeo and this simple formula:
Average Price per sq/m of an Apartment (City) x Size sq/m (Park)
= Price of Park in Billions (£)
By taking the average square meter cost of an apartment in a city and multiplying it by the size of any green space in that same city, we can work out a suggested minimum value of these parks from around the world.
At £8,770.51 per square meter and 4,046,856 square miles in size, San Francisco’s Golden Gate Park would fetch £35.5 billion if the land was sold off. On the East Coast, if authorities in New York sold Central Park to developers, they would recoup at least £35 billion.
While these locations come out on top, they wouldn’t be the most expensive place to buy land. For example, if Hong Kong’s Kowloon Park were 30 times larger, a similar size to Golden Gate Park, that land would be worth over £70 billion.
Moreover, once you consider that most of the world’s most densely populated cities, New York for instance, are full of high-rise skyscrapers made up of many floors, the potential sale value of a ten-story apartment block would be much higher than what’s outlined in the infographic below.