How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese Megacity
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 tem...
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doaj-4181458bdb15498faf42c12d60b304012020-11-25T01:38:23ZengMDPI AGSustainability2071-10502019-01-0111253410.3390/su11020534su11020534How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese MegacityDongfang Zhang0Jingjuan Jiao1School of Economics and Management, Beijing Jiaotong University, Beijing 100044, ChinaSchool of Economics and Management, Beijing Jiaotong University, Beijing 100044, ChinaUrban 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.https://www.mdpi.com/2071-1050/11/2/534urban rail transitresidential property valuesHPMtemporal and spatial effect |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Dongfang Zhang Jingjuan Jiao |
spellingShingle |
Dongfang Zhang Jingjuan Jiao How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese Megacity Sustainability urban rail transit residential property values HPM temporal and spatial effect |
author_facet |
Dongfang Zhang Jingjuan Jiao |
author_sort |
Dongfang Zhang |
title |
How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese Megacity |
title_short |
How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese Megacity |
title_full |
How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese Megacity |
title_fullStr |
How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese Megacity |
title_full_unstemmed |
How Does Urban Rail Transit Influence Residential Property Values? Evidence from An Emerging Chinese Megacity |
title_sort |
how does urban rail transit influence residential property values? evidence from an emerging chinese megacity |
publisher |
MDPI AG |
series |
Sustainability |
issn |
2071-1050 |
publishDate |
2019-01-01 |
description |
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. |
topic |
urban rail transit residential property values HPM temporal and spatial effect |
url |
https://www.mdpi.com/2071-1050/11/2/534 |
work_keys_str_mv |
AT dongfangzhang howdoesurbanrailtransitinfluenceresidentialpropertyvaluesevidencefromanemergingchinesemegacity AT jingjuanjiao howdoesurbanrailtransitinfluenceresidentialpropertyvaluesevidencefromanemergingchinesemegacity |
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