Impact of Transit-Oriented Development on Residential Property Values around Urban Rail Stations
place - asia, place - urban, mode - rail, land use - impacts, land use - transit oriented development
transit-oriented development (TOD), property value, urban rail station
Few previous studies have linked transit-oriented development (TOD) patterns and property values at the station level in the Chinese context. Using Shanghai as a case study, we obtained 21,094 transaction records within the 800 m radius catchment areas of 280 urban rail stations from a local property agency. A performance-based TOD indicator framework was established to capture built-environment features for density, diversity, and design dimensions. Using open-source geospatial data, we generated a series of TOD indicators for each station catchment area and further developed a composite TOD index with information entropy weighting. The results of multilevel regression models showed that within urban rail station catchment areas, residential properties with higher TOD levels were positively associated with higher value. In addition, increasing pedestrian and bike accessibility and integrating diversified urban functions around stations could create more value for nearby residential properties.
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Jiang, Y., Gu, P., Cao, Z., & Chen, Y. (2020). Impact of Transit-Oriented Development on Residential Property Values around Urban Rail Stations. Transportation Research Record: Journal of the Transportation Research Board, Vol. 2674(4), pp. 362-372.