Walking accessibility to bus rapid transit: Does it affect property values? The case of Bogotá, Colombia
mode - bus, mode - bus rapid transit, mode - pedestrian
Walking distance, Under developed countries, TransMilenio, Third world, Property values, Less developed countries, Hedonic models, Econometrics, Developing countries, Case studies, Bus rapid transit, Bogota (Colombia), Accessibility
This research sheds light on the relation of bus rapid transit and residential property values within walking distance to the system. The case study was Bogotá's Transmilenio (Colombia). This research conducted a city-wide econometric hedonic analysis with 2000 to 2004 Department of Housing Control data across different walking distances, subsystems (trunk, feeder), socio-economic strata and time. The main results showed that, with respect to the value of properties in relation to proximity, the housing market places value premiums on the properties in the immediate walking proximity of feeder lines. The analysis by socio-economic strata showed that middle-income properties were valued more if they fell closer to the system, while there were opposite results for low-income housing. Finally, analysis across time reflects slight average annual increases in property values correlated with the implementation of the system in two specific areas analyzed. Throughout the paper, the author acknowledges some of the challenges of using hedonic modeling for property value impact assessments and emphasizes that the interpretation of the results are case specific.
Munoz-Raskin, Ramon. (2010). Walking accessibility to bus rapid transit: Does it affect property values? The case of Bogotá, Colombia. Transport Policy, Volume 17, Issue 2, pp 72-84.