The Economic Benefits of Parks in Urban Spaces - Global Evidence and Implications for Belgrade, Serbia

Abstract

Urban parks are increasingly recognized as economic infrastructure that affect health, property markets, tourism and climate resilience, but transition‑economy cities rarely assess these benefits systematically. This paper synthesizes international evidence on the economic benefits of urban parks and develops a research and policy framework for Belgrade, Serbia. Using a Total Economic Value and ecosystem‑services lens, the paper distinguishes four benefit domains: (i) health and avoided healthcare costs; (ii) property values and municipal finance; (iii) tourism and local economic development; and (iv) ecosystem services and avoided infrastructure costs. Systematic reviews, hedonic pricing studies and cost-benefit analyses show consistent evidence that proximity to parks raises housing values, increases physical activity and reduces obesity, supports tourism and small and medium enterprises, and provides cooling, flood mitigation and air‑quality improvements whose annual value often exceeds park operating budgets.

The paper then applies this framework to Belgrade. Drawing on recent Serbian studies of urban green space and health, indicative real‑estate statistics and observed visitor flows to flagship parks such as Kalemegdan and Ada Ciganlija, it outlines how hedonic pricing, health‑impact valuation, tourism impact assessment and ecosystem‑service benefits transfer could be combined into an integrated valuation of the city’s park system. The contribution is conceptual and strategic rather than empirical: it fills a gap in Southeast European urban economics by articulating a coherent research agenda and policy framework that treat Belgrade’s parks as productive assets and position them within economic development, health and climate strategies.