Apart from intrinsic environmental, social, aesthetic, recreation and sport benefits to our cities, green spaces and parks are also a source of positive economic benefits. They enhance property values, increase municipal revenue, bring in homebuyers and workers, and attract retirees, meaning greater wealth for residents and increased revenues for cities. Numerous studies have shown that appraised property values of homes that are adjacent to parks and open spaces are typically about 8 percent to 20 percent more than comparable properties elsewhere . These values are capitalized when property taxes are assessed or when taxes are paid on a property sale and more importantly the tax revenue to the city by tourists who visit primarily because of the city’s parks. The pioneer example of this is the work of Frederick Law Olmsted’s analysis on the value of property immediately adjacent to Central Park which shows the real dollar amount impact of parks in different aspects. In addition to indirect benefits, the other factors can be classified in line with direct savings of the city residents including residents’ use of the parks and its recreation opportunities, which saves them from having to purchase these items in the marketplace, the health benefit—savings in medical costs—due to the beneficial aspects of exercise in the parks, and its role in strengthening community cohesion concerning the neighborhood parks which helps ward off antisocial problems that would otherwise cost the city more in police and fire protection, prisons, counseling, and rehabilitation . For direct saving, three more factors can be mentioned as environmental savings concerning the retention of rainfall which reduce the cost of managing urban stormwater, removal of air pollution as an expensive urban problem of today’s urbanization, and reduce the costs of cooling built environment. Considering all these benefits, understanding the economic impacts of urban parks are essential in planning system fo
