eprintid: 1414446
rev_number: 30
eprint_status: archive
userid: 608
dir: disk0/01/41/44/46
datestamp: 2014-05-29 12:44:07
lastmod: 2021-10-09 23:00:50
status_changed: 2014-05-29 12:44:07
type: proceedings_section
metadata_visibility: show
item_issues_count: 0
creators_name: Ma, L
creators_name: Ye, R
creators_name: Titheridge, H
title: Impacts of rail transit and BRT on property values: evidence from Beijing
ispublished: pub
divisions: UCL
divisions: B04
divisions: C05
divisions: F44
keywords: BRT, property values, land value, rail, transit, China
abstract: This research investigates the capitalization effects of proximity to rail transit and BRT in fast growing Beijing. Few related studies have been conducted for Chinese cities because the real estate market was not established until recently. Data were collected on apartment homes sold in the Beijing metropolitan area during 2011, and hedonic price modelling was employed to gauge the price premiums or discounts associated with proximity to transit stations. Overall, we identified an average price premium of around 5% for properties near rail transit stations, but no statistically significant effects are detected at BRT station areas. Moreover, we found that station proximity effects increase both in magnitude and spatial extent at stations further away from the city centre and at stations surrounded by low- and middle-income neighbourhoods; for example, the price premium is as high as 10% in some suburban and low-income station areas. We concluded that rail transit investment is an effective strategy for Beijing to reshape its urban spatial structure, and local governments in China may consider a Rail + Property Development model as a future financing solution for rail transit investment. This study contributes to the evidence of capitalization effects of public transit from a booming and transitional economy.
date: 2013-07-15
vfaculties: VENG
oa_status: green
primo: open
primo_central: open_green
elements_source: Manually entered
elements_id: 915970
medium: USB
lyricists_name: Titheridge, Helena
lyricists_name: Ye, Runing
lyricists_id: HTITH94
lyricists_id: RYEXX81
full_text_status: public
publication: Proceedings of WCTR 2013 Rio
event_title: 13th World Conference on Transport Research
event_location: Rio de Janeiro, Brazil
event_dates: 15 July 2013 - 18 July 2013
citation:        Ma, L;    Ye, R;    Titheridge, H;      (2013)    Impacts of rail transit and BRT on property values: evidence from Beijing.                     In:   (Proceedings) 13th World Conference on Transport Research.          Green open access   
 
document_url: https://discovery.ucl.ac.uk/id/eprint/1414446/1/2201.pdf