The Effect of Mass Rapid Transit on Residential Area Property Value: Evidence from Taipei

• Main Authors: Yan Huang, 黃龑
• Other Authors: Pei-Ing Wu
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/y84r9q

碩士 === 國立臺灣大學 === 農業經濟學研究所 === 105 === Mass Rapid Transit (MRT) helps commuters save time and cost and reduces traffic jams, benefiting citizens. Constructing MRT promotes social and economic prosperity and development and brings property appreciation in the regions nearby. Previous researchers mainly used hedonic price method (HPM) to analyze the impact of MRT to the housing price quantitatively. Due to the two features of housing price, spatial autocorrelation and spatial heterogeneity, using traditional HPM to estimate will lead to bias. In addition, previous studies put little emphasis on analyzing and choosing models. This study (1) uses Box-Cox to find and valid the best functional form of HPM; (2) applies principle component analysis (PCA) to establish regression and then tests the effectiveness of using PCA in modifying the HPM model; (3) uses cluster analysis to optimize the segmentation of the property market and builds HPM models accordingly. The purpose is to improve the accuracy of regression models and recommend a analysis pattern. This study uses the spatial regression model to estimate the effect of MRT in Taipei on property values and conducts an empirical analysis on how to modify models. The results show that (1) generally, MRT brings property appreciation in the proximity ranging from 0 to 1500 meters. The further the region is, the less appreciation impact MRT brings;(2) Linear-log functional form is the best functional form; (3) Two principal components are selected in the regression. The First Principal Component represents he niche advantage of neighborhoods and the Second Principal Component represents the architectural structure. The impact of dummy variable is showcased in the First Principal Component. The Principal Component Analysis shows its strength on keeping variables independent and is still able to be used to explain the effect; (4) According to the results of cluster analysis, there are two market segments in Taipei. In the one segment, the housing price is significantly influenced by the property type, while in the other segment, the property type inserts little impact on the housing price. (5) The property value estimated in the overall market through HPM is between the estimated value of the cluster 0 segment market and that of the cluster 1 segment market; On top of that, the value of the cluster 0 segment market is overestimated, while that of the cluster 1 segment market is underestimated. The total value of the property within 1,350 meters of MRT stations is between NT$ 202,083,070,000 to NT$ 214,438,880,000. If the government establishes a foundation by imposing tax on the surrounding residential real estate (within 1,350 meters of MRT stations), subsidies provided by the government to the MRT can be reduced significantly. By taxing 1 percent, NT$ 2,020,830,700 to NT$ 2,144,388,800 of tax revenue will be generated to support the construction and management of MRT or other infrastructure.