It is necessary to explore the influence of water visibility on land price under the mechanism of Bid Invitation, Auction and Listing in order to provide a reference both for the government to stabilize the market and for the market participants to make rational purchasing decisions. This research selects Shenzhen as the study area and collects the residential land transaction data released by Shenzhen Land Real Estate Trading Center and multiple POI data from Google earth and Baidu map, as well as Landsat data. The study quantitatively analyzes the influence of water visibility on residential land price and discusses the spatial differences of visual water premium effects on the basis of GWR model. The result shows that, the residential land price premium on every 10000 m2’s increase of visual sea area ranged between 0.4 to 0.79 yuan/m2, increasing 0.005%–0.009%, besides, the contribution of per level’s visual reservoir area promotion ranges between 1176 yuan/m2 to 1991 yuan/m2, increasing 13.490%–22.838%, and the visual length of the secondary river network increased every 100 m producing the premium ranges between 122 to 503 yuan/m2, increasing 1.399%–5.770%. The volume of visual water showes obvious spatial heterogeneity on the distribution of Shenzhen’s residential land price. It could be seen that visible lengths of the secondary river network gradually declined from the east to the west. The premium peaks of visible sea area distributed in Futian, Luohu and Yantian districts, and declined from those areas both eastwards and westwards. The premium peaks of reservoir visible level on the land price was mainly located in Futian, Luohu and Longgang districts, which also showed a decline trend on the direction of east-west. This study is expected to enrich the theory of factors that influence land price location and meanwhile offers a detailed instruction for quantitative analysis of landscape visibility.
