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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Main Authors: Dongfang Zhang, Jingjuan Jiao
Format: Article
Language:English
Published: MDPI AG 2019-01-01
Series:Sustainability
Subjects:
HPM
Online Access:https://www.mdpi.com/2071-1050/11/2/534
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spelling 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
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