scholarly journals If you build it, they will change: Evaluating the impact of commuter rail stations on real estate values and neighborhood composition in the Rotterdam–The Hague metropolitan area, the Netherlands

2021 ◽  
Vol 14 (1) ◽  
pp. 949-973
Author(s):  
Amir Forouhar ◽  
Dea Van Lierop
Keyword(s):  
Real Estate ◽  
The Netherlands ◽  
Metropolitan Area ◽  
Property Values ◽  
Spatial Transformation ◽  
Metropolitan Regions ◽  
Commuter Rail ◽  
Residential Properties ◽  
The Hague ◽  
The Impact

In many metropolitan regions, transit-oriented developments are built to motivate the use of sustainable travel by promoting urban growth within walking distances of public transport stations. Changes in residential property values are a common way to assess the success of transit-oriented developments. However, studies that focus on property values alone have reported mixed effects. This paper attempts to evaluate the land value impact around commuter rail stations by analyzing the change in property values within the context of the transformation of socio-spatial neighborhood attributes. The study sets out to estimate the effect of Randstad Rail stations using real estate transaction data of residential properties and neighborhood socio-spatial attributes in the Rotterdam–the Hague metropolitan area of the Netherlands covering a period from 1985 to 2018. Adopting a quasi-experimental design, the effect is estimated for properties within different catchment zones around three commuter rail stations using a Difference-in-Differences Model and Multivariate Analysis of Variance. The results demonstrate the overall negative effect of the Randstad Rail on the value of residential properties at a distance equal to or less than 400 meters from the selected rail stations in the range of -18.8% to -11.5%. In contrast, a positive effect is observed for the residential properties located within a radius of 400 to 800 meters from the rail stations, which is estimated to be +15% to +33.2%. The findings also indicate a considerable socio-spatial transformation in the neighborhood composition after the opening of the rail stations in terms of neighborhood population density, land-use density, housing characteristics, and car ownership, which significantly affect the magnitude and direction of the impact.

scholarly journals Methodology for mapping the average transaction prices of residential premises using GIS

2016 ◽  
Vol 48 (4) ◽  
pp. 161-171 ◽  
Author(s):  
Martyna Sosnowska ◽  
Izabela Karsznia
Keyword(s):  
Real Estate ◽  
Open Data ◽  
Transaction Prices ◽  
Residential Properties ◽  
Choropleth Maps ◽  
Presentation Methods ◽  
Real Estate Prices ◽  
Gis Software ◽  
The Impact ◽  
Selection Of

Abstract Geographic information systems (GIS) and their tools support the process of real estate trading. Of key importance is the ability to visualise information about real estate in the form of maps of average real estate transaction prices. The following study presents a methodology for mapping average real estate transaction prices using GIS. The map development process comprised three main stages. In the first stage, the input data was processed and statistically analysed. Official data came from the Register of Real Estate Prices and Values, and open data from the National Register of Boundaries. The second stage involved the visualization of the data in the form of maps of average apartment prices using the cartographic methods of choropleth maps and diagrams. The commercial tool ArcMap 10.3 and the free Quantum GIS software were used in the design of the maps of average real estate transaction prices, to check the options for using these types of programs. As a result, eight maps were designed presenting the average transaction prices for residential properties in the Warsaw district of Ursynów in 2015. The final stage was the analysis of the designed maps. The influence of the selection of the reference units on the visualization content, and the impact of combining cartographic presentation methods on the complexity of the presentation of real estate information, were also analysed.

Foreign investment in Australian residential properties

2019 ◽  
Vol 12 (2) ◽  
pp. 166-180 ◽  
Author(s):  
Hassan F. Gholipour ◽  
Hooi Hooi Lean ◽  
Reza Tajaddini ◽  
Anh Khoi Pham
Keyword(s):  
Real Estate ◽  
Foreign Investment ◽  
House Prices ◽  
Real Estate Market ◽  
Housing Development ◽  
Housing Construction ◽  
Annual Data ◽  
Content Type ◽  
Residential Properties ◽  
The Impact

Purpose The purpose of this study is to examine the impact that foreign investment in existing houses and new housing development has on residential house prices and the growth of the housing construction sector. Design/methodology/approach The analysis is based on a panel cointegration method, estimated using annual data for all Australian states and territories spanning the period of 1990-2013. Findings The results indicate that increases in foreign investment in existing houses do not significantly lead to increases in house prices. On the other hand, a 10 per cent increase in foreign investment for housing development decreases house prices by 1.95 per cent. We also find that foreign real estate investments have a positive impact on housing construction activities in the long run. Originality/value Existing studies used aggregate foreign real estate investment in their analyses. As foreign investment in existing houses and foreign investment for housing development have different impacts on the demand and supply sides of housing market, it is crucial that the analysis of the effects of foreign investment in residential properties on real estate market is conducted for each type differently.

scholarly journals The Effect of HOPSCA on Residential Property Values: Exploratory Findings from Wuhan, China

2019 ◽  
Vol 11 (2) ◽  
pp. 471 ◽  
Author(s):  
Zhijiao Qin ◽  
Yan Yu ◽  
Dianfeng Liu
Keyword(s):  
Real Estate ◽  
Property Values ◽  
Development Project ◽  
Urban Life ◽  
Residential Property ◽  
Mixed Use ◽  
Residential Properties ◽  
Quality Of Urban Life ◽  
Residential Property Values

Mixed-use development is theoretically considered to enhance the residential value of an area. However, limited empirical research has focused on European and North American cities. HOPSCA is a real estate project that integrates hotels, offices, parks, shopping malls, conference centers, and apartments. As an important mixed-use development project in Chinese cities, HOPSCA is designed to improve the quality of urban life and to enhance the residential value of an area. Few studies have explicitly examined the effect of HOPSCA on residential property values, let alone linked this question to particular types of HOPSCA. To bridge this research gap, we selected Wuhan City in China as a case study to explore the effects of HOPSCA on residential property values. Specifically, we used the potential model to quantify the effects of HOPSCA and used the geographically weighted regression (GWR) method to estimate the relationship between HOPSCA variables and residential property values. The results are as follows: (1) the effects of HOPSCA on residential property values are statistically significant with positive and negative effects. The balanced-development HOPSCA generated the greatest effects, with the highest premium of 10.76% placed on residential properties. Moderate price premiums of 3.57% and 1.83% were generated under the influence of the commerce-oriented HOPSCA and housing-oriented HOPSCA, respectively. By contrast, the business-oriented HOPSCA exerted a negative effect on residential property (−2.43%). (2) Significant spatial heterogeneity exists on the effect of HOPSCA on residential property values. The results showed that the influence of different types of HOPSCA, viz. the higher the compatibility between the HOPSCA type and the socioeconomic context of Wuhan, the higher the premium captured by residential properties within the city areas. HOPSCA benefits the improvement of the quality of urban life, which promotes urban development. For policy makers and real estate developers, our findings suggest that matching the development types and the spatial layouts of HOPSCA with the regional socioeconomic contexts is critical for enhancing the value performance of such projects.

scholarly journals The impact of Hurricanes on the value of commercial real estate

2021 ◽  
Author(s):  
Jeffrey D. Fisher ◽  
Sara R. Rutledge
Keyword(s):  
Real Estate ◽  
Property Values ◽  
Commercial Real Estate ◽  
National Council ◽  
Investment Performance ◽  
Individual Property ◽  
Property Type ◽  
Weather Events ◽  
Property Data ◽  
The Impact

AbstractCommercial real estate investors prefer coastal, gateway, markets for liquidity, demand density, and durable returns. Yet, these areas are more vulnerable to the effects of climate change from more intense and frequent weather events such as hurricanes and typhoons as well as to gradual changes such as sea-level rise. Recognition is growing of the risks that these events pose to investment performance, but little is known about how this risk has impacted property values and returns when an event such as a hurricane occurs. This is the first study to analyze the impact on property values and returns from hurricanes causing the most significant damage by value over the past 30-plus years throughout the nation. Using individual property data from the National Council of Real Estate Investment Fiduciaries database, we find a significant impact on the value and rates of return, after accounting for any additional capital expenditures for repairs, for properties that are in areas impacted by a hurricane, relative to areas that were not impacted by a hurricane. These impacts vary by property type and can last for several years after the hurricane hit land in the area.

scholarly journals The effect of land subsidence on real estate values

2020 ◽  
Vol 382 ◽  
pp. 703-707
Author(s):  
Wouter Willemsen ◽  
Sien Kok ◽  
Onno Kuik
Keyword(s):  
The Netherlands ◽  
Land Subsidence ◽  
Housing Prices ◽  
Property Values ◽  
Research Area ◽  
Hedonic Pricing ◽  
Local Conditions ◽  
Negative Skin Friction ◽  
Timber Piles ◽  
The Impact

Abstract. Land subsidence in the Netherlands, mainly occurring in its western and northern peat and clay soils, causes significant damage to houses and infrastructure, estimated at EUR 17 billion until 2050, through differential settlement of shallow foundations, negative skin friction and fungal decay of timber piles. Various studies and reports both in The Netherlands and abroad have addressed the potential economic impacts of subsidence on houses: yet, these studies lack spatially detailed data and instead rely on generic assumptions on expected damage restoration costs. By using a hedonic pricing model, this study examines the impact of subsidence on housing prices in the Dutch cities of Rotterdam and Gouda. In contrast to earlier studies, subsidence and its impact on property values are examined at house level. We test for the effect of subsidence with data related to (i) general (uniform) subsidence (mm yr−1), (ii) differential subsidence of a building and (iii) subsidence of the surrounding area in relation to the house. Results show that uniform subsidence has the largest impact on property values with approximately −6 %, while “differential” and “surrounding” subsidence show respectively −2 % and no effect. These results could prove useful to policymakers, homeowners and housing corporations by generating a better understanding of the impact of subsidence on property values and subsequently to create awareness and spur investments in measures to mitigate damage. It should be noted that these results are specific to the research area are therefore not immediately scalable to other cities as local conditions differ.

scholarly journals Property Value, Urban Quality and Maintenance Condition: A Hedonic Analysis in the City of Naples, Italy

2014 ◽  
Vol 11 ◽  
pp. 560-565 ◽  
Author(s):  
Vincenzo del Giudice ◽  
Francesca Torrieri ◽  
Pierfrancesco de Paola
Keyword(s):  
Real Estate ◽  
Public Space ◽  
Urban Space ◽  
Property Values ◽  
Public Spaces ◽  
Real Estate Market ◽  
Property Value ◽  
Standard Requirement ◽  
The Impact ◽  
The City

The article examines the relationship between property value and level of conservation of public urban space. While many studies have examined the effect of proximity of open space, parks, and trees on property value, there has been few examination of how projects of urban revitalization and ordinary and extraordinary maintenances of public spaces can influence property values. While intuition can suggest that a low level of quality and maintenance of a public space can negatively affect property value, even if the standard requirement of public spaces and services are meet, this yet to be empirically proven.We proposes the application of a new econometric models for quantitative analysis of the characteristics of real estate property (Generalized Additive Model), to assess the impact of maintenance condition on property values, due to the better prevision that these functions can obtain in a real estate market context.The control of the formal and logical adequacy of the proposed theoretical model is referred to the case study under analysis, in the city of Naples. The results obtained show that a well preserved urban environment influences property price by approximately 6%. The experimental test of the model has provided results that, by reason of their formal consistency with the results obtained in other contexts, can be considered representative of the effectiveness of the methodology proposed.

scholarly journals The effect of ground rent and unexpired lease term on property values in Ghana

2019 ◽  
Vol 12 (3) ◽  
pp. 504-524 ◽  
Author(s):  
Kwasi Gyau Baffour Awuah ◽  
Frank Gyamfi-Yeboah
Keyword(s):  
Property Values ◽  
Ordinary Least Squares ◽  
Policy Formulation ◽  
Sub Saharan Africa ◽  
Residential Property ◽  
Content Type ◽  
Residential Properties ◽  
Sub Saharan ◽  
Value Determination ◽  
The Impact

Purpose Although several factors influence property value determination depending on the market, relevant studies in sub-Saharan Africa (SSA) often fail to analyse the impact of factors, such as unexpired term of leasehold interest and ground rent, which are also germane to market transactions and value determination. This study aims to examine the effect of unexpired term of leasehold interests and ground rent on the valuation of residential properties in Ghana. Design/methodology/approach A questionnaire instrument was used to collect the views of a sample of professional real estate valuers on the relevance of these and other factors that affect value. In addition, the valuers were tasked to value a residential property located in Accra, Ghana. Ordinary least squares and quantile regression models were thereafter used to analyse the data to determine the effect of the subject variables on value. Findings The study finds a significant relationship between valuers’ views on the relevance of unexpired term of leasehold interest and the value placed on residential properties. Further, the respondents who viewed ground rent as an important factor in estimating values placed significantly lower values than those who viewed it as less important. Research limitations/implications The findings suggest that the respondents may have split opinion on the existing anecdotal evidence that market participants ignore the unexpired term of leasehold interest, an issue that should be settled in theory. The findings also highlight the diversity of opinion on some of the fundamental factors that affect value and the need to build consensus to prevent excessive variation in value estimates among valuers. Originality/value The study makes a significant contribution in terms of extending the existing literature by analysing the impact of unexpired term of leasehold interests and ground rent on residential property values based on empirical data, issue(s) which have often been ignored by existing studies. Findings from the study also provide insights into additional possible causes of valuation errors in Ghana and SSA, which are useful for policy formulation and practice.

scholarly journals The Impact of Subway Lines on Residential Property Values in Tianjin: An Empirical Study Based on Hedonic Pricing Model

2016 ◽  
Vol 2016 ◽  
pp. 1-10 ◽  
Author(s):  
Hui Sun ◽  
Yuning Wang ◽  
Qingbo Li
Keyword(s):  
Real Estate ◽  
Property Values ◽  
Northern China ◽  
Hedonic Pricing ◽  
Urban Traffic ◽  
Pricing Model ◽  
Land Rent ◽  
Hedonic Pricing Model ◽  
Real Estate Prices ◽  
The Impact

The construction of subways has an external impact on the urban environment. Among them, the most important acceleration function lies in the property values of housing near subway stations. Tianjin, the largest open coastal city in Northern China, is selected as the subject of the research in this paper by virtue of its unique background. The Hedonic Pricing Model is used in analysing the change in the value of the properties located within 1,000 metres of completed subway line 3 stations. Using the theories of land rent and land location, and a model of the impact of urban traffic on the surrounding real estate prices, we analyse the sphere of influence of Tianjin Metro Line 3 on real estate prices. Finally, the paper stresses the importance of urban construction and subway building and finds that different development strategies should be used according to the characteristics of the subway in various regions of the city.

Sign in / Sign up

Export Citation Format

Share Document