scholarly journals How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese Megacity

2019 ◽  
Vol 11 (2) ◽  
pp. 534 ◽  
Author(s):  
Dongfang Zhang ◽  
Jingjuan Jiao
Keyword(s):  
Real Estate ◽  
Positive Impact ◽  
Property Values ◽  
Urban Rail Transit ◽  
Residential Property ◽  
Rail Transit ◽  
Data Set ◽  
Real Estate Markets ◽  
Urban Rail ◽  
Residential Property Values

Urban rail transit (URT) plays crucial economic, social, and environmental roles and may generate positive externalities that can influence the residential property values (RPVs) in real estate markets. Little attention has been given to exploring the impacts with respect to both the spatial and temporal perspectives. This paper explores the impacts of URT on the RPVs of 480 gated communities with respect to the spatial and temporal dimensions using the hedonic price model and a panel data set from Zhengzhou for 2012–2016. The results show the following: (1) URT does have a significant positive impact on the RPVs in all the selected years from 2012 to 2016, and the influencing strength was a “U-shape” with the increased travel time to the nearest URT stations in most of the selected years. Specially, there is quite some interaction between the temporal and spatial dimensions. (2) The influencing strength of URT during its early stages of planning and construction was higher than that during the operation periods, which is quite different from previous research that uses these first-tier cities such as Beijing and Shanghai in China. (3) Regarding the operating period, the influencing strength reached its peak point after two years of the URT line operating. The results of this paper could provide some new ideas for policy-makers, real estate developers, and even the consumers in real estate markets.

Impact of Urban Rail Transit on Residential Property Values in Hangzhou

2014 ◽  
Vol 580-583 ◽  
pp. 1306-1310
Author(s):  
Lian Fa Ruan ◽  
Jing Ping Yin
Keyword(s):  
Property Values ◽  
Positive Influence ◽  
Hedonic Pricing ◽  
Urban Rail Transit ◽  
Residential Property ◽  
Rail Transit ◽  
Transit System ◽  
Urban Rail ◽  
Residential Property Values ◽  
The Impact

This research investigates the impact of the first metro line (Line 1) in Hangzhou on its station-area residential property values. A hedonic pricing model shows that Line 1 had a statistically significant and positive effect on residential prices in its operation period. Compared with its construction phase, the impact did not change significantly, indicating that metro rail transit had a long-term positive influence on the station-area property values. These findings suggest that such capitalization is likely to lead to high-density and transportation-oriented development. While planning the urban rail transit system, such impact should be fully considered.

scholarly journals The impact of urban light rail transit on double-story terraced property values in the Greater Kuala Lumpur, Malaysia

2021 ◽  
Vol 53 (1) ◽  
Author(s):  
Mohd Faris Dziauddin
Keyword(s):  
Property Values ◽  
Urban Rail Transit ◽  
Urban Region ◽  
Residential Property ◽  
Light Rail ◽  
Rail Transit ◽  
Light Rail Transit ◽  
Kuala Lumpur ◽  
Residential Property Values ◽  
The Impact

Introducing a rail transit system into an urban region is expected to increase land values, and subsequently, residential property values. Despite this general belief, there has been limited research on the impact of proximity to urban light rail transit stations in developing countries setting. This study, therefore, investigates the impact of proximity to urban light rail transit on double-story terraced property values in the Greater Kuala Lumpur, Malaysia, using hedonic pricing model. The findings suggest urban light rail transit has a positive and significant impact on surrounding double-story terraced residential property values – estimated at a premium of 12.3% and 9.8% for properties located up to 1000 m and 1001 – 2000 m to the nearest light rail transit station respectively. The findings of the study are useful for investors and developers, namely to build more houses near urban rail transit infrastructure since they lead to significant appreciation in value.

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.

Mechanism Analysis of the Impact on Chinese Urban Rail Transit Construction on the Surrounding Real Estate Prices

2012 ◽  
Vol 178-181 ◽  
pp. 1866-1869
Author(s):  
Jian Liang Lv ◽  
Ying Jiang
Keyword(s):  
Real Estate ◽  
Land Development ◽  
Value Added ◽  
Urban Rail Transit ◽  
Rail Transit ◽  
Mechanism Analysis ◽  
The Real Estate ◽  
Urban Rail ◽  
Real Estate Prices ◽  
The Impact

This paper first studies the real estate prices and and its effecting factors, and point out the construction of urban rail transit effects large on its surrounding real estate prices. Then, the paper clarifies the theoretical basis of its effects, and finally analyzes mechanism that construction of rail transit can make its surrounding real estate value-added. The urban rail transit construction can improve surrounding property accessibility, the residents travel convenient, increasing the intense of land development, changing nature of land use, adjusting industrial layout, accelerating expanded urbanized areas, raising employment opportunities, promoting socio-economic prosperity and development. It provides reference for the reasonable allocation of late-stage value-added benefits, and people can get a comprehensive and systematic understanding of the impact of urban rail transit construction and its surrounding real estate prices.

scholarly journals Living on the Edge: Residential Property Values in the Urban-Rural Interface

2007 ◽  
Vol 39 (3) ◽  
pp. 689-699 ◽  
Author(s):  
Molly Espey ◽  
Fahmida Fakhruddin ◽  
Lawrence R. Gering ◽  
Huiyan Lin
Keyword(s):  
South Carolina ◽  
Positive Impact ◽  
Property Values ◽  
Housing Price ◽  
Urban Fringe ◽  
Residential Property ◽  
Housing Values ◽  
Residential Housing ◽  
Urban Rural ◽  
Residential Property Values

This study estimates the contribution of both urban-rural fringe location and lake proximity on residential property values in three upstate counties of South Carolina through estimation of spatial hedonic housing price models. Location in the urban fringe and the urban–rural interface are found to have a positive impact on residential housing values relative to either urban or more rural locations. Lakes in the upstate contribute positively to housing values to the extent that the house has a view of a lake, lake access, or lake frontage.

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