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Transportation

, Volume 46, Issue 4, pp 1291–1317 | Cite as

The impact of metro services on housing prices: a case study from Beijing

  • Shengxiao Li
  • Luoye Chen
  • Pengjun ZhaoEmail author
Article

Abstract

Assessment of the impact of metro systems on housing prices is important for financing transport infrastructure via value capture. This paper provides evidence for this relationship, focusing particularly on the effects of metro services, and uses the large city of Beijing, China, as a case study. A spatial error model was applied to 2835 samples of online property sales data obtained in January 2016. Three transport service indicators associated with metro transfers and waiting times were explored: (1) metro headway, (2) access to different metro lines and (3) accessibility to employment opportunities. The results show that areas with more employment opportunities via public transit have higher housing prices than other areas. Shorter metro headways are positively related to housing prices near stations. Housing prices for neighborhoods having access to more than one metro line within 800 m-buffer area are higher than those without access to metro lines, controlling for number of accessible jobs within 30 min. This study sheds light on the importance of metro services on housing prices. It has implications for further research and for the planning policies of metro-dependent cities.

Keywords

Transport service Housing price Spatial hedonic model Metro Beijing 

Notes

Acknowledgements

This research was funded by NSFC Project No. 41571147. Many thanks to Associate Professor Sun Tieshan from the School of Government, Peking University, for his helpful comments. Thanks Liu Di for making the figures. Thanks for the valuable comments from the Associate Editor Professor Mark Horner and three anonymous reviewers.

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© Springer Science+Business Media, LLC 2017

Authors and Affiliations

  1. 1.Department of Urban and Regional Planning, College of Urban and Environmental SciencesPeking UniversityBeijingPeople’s Republic of China
  2. 2.Department of Agricultural and Consumer EconomicsUniversity of Illinois, Urbana-ChampaignUrbanaUSA

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