Geographically weighted regression models of residential property transactions: Walkability and value uplift
economics - value capture, mode - rail, mode - pedestrian, planning - methods
Value uplift, Walkability, Rail infrastructure, Residential property transactions, Geographically weighted regression
Value uplift refers to the increase in property value attributable to proximate transportation infrastructure. The empirical literature is generally supportive of the argument to capture a fraction of such additional value to operate public transportation systems. Unfortunately, attention to the relative value of different transportation infrastructure besides rail infrastructure is not evident in the literature. The gap in the literature is problematic because an accurate estimate of the total revenue potential from present transportation infrastructure investments is not realistic nor is an accurate estimate of the value uplift potential from future transportation infrastructure investments realistic. In order to fill the gap, adoption of a geographically-weighted approach expands the temporal scale of analysis to more than a decade and the spatial scale of analysis to an entire heavy rail system in order to properly contextualize the value uplift from pedestrian infrastructure and from rail infrastructure. Results advance the state of knowledge on value uplift to show the range of value uplift attributable to walkability in proximity to heavy rail stations. Overall, the results warrant further research to better understand why the estimate of the value uplift attributable to walkability is higher than the estimate in the empirical literature.
Permission to publish the abstract has been given by Elsevier, copyright remains with them.
Zolnik, E. (2021). Geographically weighted regression models of residential property transactions: Walkability and value uplift. Journal of Transport Geography, Vol. 92, 103029.