The impact of metro services on housing prices: a case study from Beijing
place - asia, mode - subway/metro, economics - value capture
Transport service, Housing price, Spatial hedonic model, Metro, Beijing
Assessment of the impact of metro systems on housing prices is important for financing transport infrastructure via value capture. This paper provides evidence for this relationship, focusing particularly on the effects of metro services, and uses the large city of Beijing, China, as a case study. A spatial error model was applied to 2835 samples of online property sales data obtained in January 2016. Three transport service indicators associated with metro transfers and waiting times were explored: (1) metro headway, (2) access to different metro lines and (3) accessibility to employment opportunities. The results show that areas with more employment opportunities via public transit have higher housing prices than other areas. Shorter metro headways are positively related to housing prices near stations. Housing prices for neighborhoods having access to more than one metro line within 800 m-buffer area are higher than those without access to metro lines, controlling for number of accessible jobs within 30 min. This study sheds light on the importance of metro services on housing prices. It has implications for further research and for the planning policies of metro-dependent cities.
Permission to publish the abstract has been given by SpringerLink, copyright remains with them.
Li, S., Chen, L. & Zhao, P. (2019). Transportation, Vol. 46, pp. 1291-1317.