Measuring the effects of transportation infrastructure location on real estate prices and rents: investigating the current impact of a planned metro line

Article

Abstract

Keywords

Spatial econometric models Transport infrastructure Integrated land use and transport models Greece Thessaloniki 

References

  1. Picard N, Antoniou C (2011) Econometric guidance for developing urbansim models. First lessons from the sustaincity project. In: Proceedings of the 51st European Congress of the Regional Science Association International, Barcelona, SpainGoogle Scholar
  2. Le Sage J, Pace RK (2009) Introduction to spatial econometrics. CRC Press, Taylor and Francis Group, Boca RatonGoogle Scholar
  3. Wegener M (2004) Overview of land-use transport models. In: Hensher DA, Button KJ (eds) Transport geography and spatial systems, vol 5, pp 127–146. UK Pergamon/Elsevier, KidlingtonGoogle Scholar
  4. Waddell P (2002) Urbansim: modelling urban development for land use, transportation and environmental planning. J Am Plan Assoc 68(3):297–314CrossRefGoogle Scholar
  5. Wegener MM (2011) From macro to micro-how much micro is too much?. Transp Rev 31(2):161–177CrossRefGoogle Scholar
  6. Hunt JD, Kriger DS, Miller EJ (2005) Current operational urban land-use-transport modelling frameworks: a review. Transp Rev Transnatl Transdiscipl J 25(3):329–376CrossRefGoogle Scholar
  7. Saifuzzaman M, De Palma A, Motamedi K (2012) Calibration of metropolis for ile-de-france. Working paper 7.2. Technical report, CES, ENS-Cachan, FranceGoogle Scholar
  8. Echenique MH (1985) The use of integrated land use and transport models: the cases of Sao Paulo, the use of integrated land use and transport models: the cases of Sao Paulo, Brazil and Bilbao, Spain, chapter: the use of integrated land use and transport models: the cases of Sao Paulo, Brazil and Bilbao, Spain, pp 263–286. Elsevier, the HagueGoogle Scholar
  9. Putman SH (1983) Integrated urban models: policy analysis of transportation and land use. Pion Press, LondonGoogle Scholar
  10. Martínez F, Donoso P (2010) The mussa II land use auction equilibrium model. In: Francesca P, John P, David S (eds) Residential location choice, advances in spatial science, pp 99–113. Springer, BerlinGoogle Scholar
  11. Salvini P, Miller EJ (2005) Ilute: an operational prototype of a comprehensive microsimulation model of urban systems. Netw Spat Econ 5:217–234CrossRefGoogle Scholar
  12. Anas A (1998) Nymtc transportation models and data initiative: the nymtc land use model. Technical report, Alex Anas and Associates, WilliamsvilleGoogle Scholar
  13. Lancaster K (1966) A new approach to consumer theory. J Polit Econ 74:132–157CrossRefGoogle Scholar
  14. McFadden D (1974) Conditional logit analysis of qualitative choice behavior. In: Zarembka P (ed) Frontiers in economics. Academic Press, New YorkGoogle Scholar
  15. McFadden D (1981) Econometric models of probabilistic choice. In: Manski C, McFadden D (eds) Structural analysis of discrete data with econometric applications, vol 198–272. MIT Press, CambridgeGoogle Scholar
  16. Alonso W (1964) Location and land use. Harvard University Press, CambridgeCrossRefGoogle Scholar
  17. Wheaton WC (1977) A bid rent approach to housing demand. J Urban Econ 4(2):200–217CrossRefGoogle Scholar
  18. Rosen S (1974) Hedonic prices and implicit markets: product differentiation in pure competition. J Polit Econ 82:34–55CrossRefGoogle Scholar
  19. Brown JN, Rosen HS (1982) On the estimation of structural hedonic price models. Econometrica 50(3):765–769CrossRefGoogle Scholar
  20. Epple D, Sieg H (1999) Estimating equilibrium models of local jurisdictions. J Polit Econ 107:645–681CrossRefGoogle Scholar
  21. Bartik TJ (1987) The estimation of demand parameters in hedonic price models. J Polit Econ 95(1):81–88CrossRefGoogle Scholar
  22. Bajari P, Benkard CL (2004) Demand estimation with heterogeneous consumers and unobserved product characteristics: a hedonic approach. Stanford UniversityGoogle Scholar
  23. Anselin L (1988) Spatial econometrics: methods and models. Springer, BerlinGoogle Scholar
  24. Bowes D, Ihlanfeldt K (2001) Identifying the impacts of rail transit stations on residential property values. J Urban Econ 50(1):1–25CrossRefGoogle Scholar
  25. Weinberger RR (2000) Light rail proximity: benefit or detriment in the case of santa clara country, California? Transp Res Rec J Transp Res BoardGoogle Scholar
  26. Cervero R, Duncan M (2002) Transit’s value-added effects: light and commuter rail services and commercial land values. Transp Res Rec J Transp Res Board 1805:8–15CrossRefGoogle Scholar
  27. Damn D, Lerman SR, Lerner-Lam E, Young J (1980) Response of urban real estate values in anticipation of the washington metro. J Transp Econ Policy 14(3):315–336Google Scholar
  28. Cervero R, Landis J (1993) Assessing the impacts of urban rail transit on local real estate markets using quasi-exparimental comparisons. Transp Res Part A Policy Pract 27(1):13–22CrossRefGoogle Scholar
  29. Benjamin JD, Sirmans GS (1996) Mass transportation, apartment rent and property values. J R Estate Res 12(1):1–8CrossRefGoogle Scholar
  30. Hess DB, Almeida TM (2007) Impact of proximity to light rail rapid transit on station-area property values in buffalo, New York. Urban Stud 44:1041–1068CrossRefGoogle Scholar
  31. Clower TL, Weinstein BL (2002) The impact of Dallas (Texas) area rapid transit light rail stations on taxable property valuations. Aust J Reg Stud 8(3):389–402Google Scholar
  32. Bajic V (1983) The efects of a new subway line on housing prices in metropolitan toronto. Urban Stud 20(2):147–158CrossRefGoogle Scholar
  33. Haider M, Miller EJ (2000) Effects of transportation infrastructure and location on residential real estate values: application of spatial autoregressive techniques. Transp Res Rec J Transp Res Board 1722:1–18CrossRefGoogle Scholar
  34. Al-Mosaind MA, Dueker KJ, Strathman JG (1993) Light-rail transit stations and property values: a hedonic price approach. Transp Res Rec J Transp Res Board 1400:90–94Google Scholar
  35. Chen H, Rufolo A, Dueker KJ (1997) Measuring the impact of light rail systems on single family home values: a hedonic approach with GIS application. Discusssion paper 97-3, Portland State UniversityGoogle Scholar
  36. Debrezion G, Pels E, Rietveld R (2006) The impact of rail transport on the real estate prices: an empirical analysis of the dutch housing market. Department of Spatial Economics, Tinbergen Institute discussion paper, Tinbergen Institute, Free UniversityGoogle Scholar
  37. Debrezion G, Pels E, Rietveld P (2007) The impact of railway stations on residential and commercial property value: a meta-analysis. J R Estate Fin Econ 35:161–180CrossRefGoogle Scholar
  38. Theebe MAJ (2004) Planes, trains, and automobiles: the impact of traffic noise on house prices. J R Estate Fin Econ 28(2–3):209–234CrossRefGoogle Scholar
  39. Dorantes LM, Paez A, Vassallo JM (2011) Analysis of house prices to assess the economic impacts of new public transport infrastructure: Madrid metro line 12. Transp Res Rec J Transp Res Board 2245Google Scholar
  40. Henneberry J (1998) Transport investment and house prices. J Prop Valuat Invest 16(2):144–158CrossRefGoogle Scholar
  41. Pennington G, Topham N, Ward R (1990) Aircraft noise and residential property values adjacent to manchester international airport. J Transp Econ Policy 25(1):49–59Google Scholar
  42. Collins A, Evans A (1996) Aircraft noise and residential property values. J Transp Econ Policy 28(2):175–197Google Scholar
  43. Lipscomb C (2003) Small cities matter, too: the impacts of an airport and local infrastructure on housing prices in a small urban city. Rev Urban Reg Develop Stud 15(3):255–273CrossRefGoogle Scholar
  44. Pan H, Zhang M (2008) Rail transit impacts on land use: evidence from shanghai china. Transp Res Rec J Transp Res Board 2048:15–25CrossRefGoogle Scholar
  45. Bae C-HC, Jun M-J, Park H (2003) The impact of seouls subway line 5 on residential property values. Transp Policy 10(3):85–94CrossRefGoogle Scholar
  46. Langley J (1981) Highways and property values: the washington beltway revised. Transp Res Rec J Transp Res Board 812:16–21Google Scholar
  47. Nelson JP (1982) Highway noise and property values: a survey of recent evidence. J Transp Econ Policy 16(2):117–138Google Scholar
  48. Kissling WD, Gudrun C (2008) Spatial autocorrelation and the selection of simultaneous autoregressive models. J Glob Ecol Biogeogr 17(1):59–71Google Scholar
  49. Anselin L (2010) Thirty years of spatial econometrics. Pap Reg Sci 89(1):3–25CrossRefGoogle Scholar
  50. Fotheringham AS, Charlton ME, Brunson C (1998) Geographically weighted regression: a natural evolution of the expansion method for spatial data analysis. Environ Plan A 30:1905–1927CrossRefGoogle Scholar
  51. Kelejian H, Prucha I (1999) A generalized moments estimator for the autoregressive parameter in a spatial model. Int Econ Rev 40(2):509–533CrossRefGoogle Scholar
  52. Elhorst JP (2003) Specification and estimation of spatial panel data models. Int Reg Sci Rev 26(3):244–268CrossRefGoogle Scholar
  53. Kapoor M, Kelejiam H, Prucha IR (2007) Panel data models with spatially correlated error components. J Econ 140:97–130CrossRefGoogle Scholar
  54. Pinkse J, Slade ME (2009) The future of spatial econometrics. In: 50th anniversaty symposium of the Journal of Regional Science held at the New York Federal ReserveGoogle Scholar
  55. Brandy M, Irwin E (2011) Accounting for spatial effects in economic models of land use: recent developments and challenges ahead. Environ Res Econ 48(3):487–509Google Scholar
  56. Anselin L (1995) Local indicators of spatial association—lisa. Geogr Anal 27:93–115CrossRefGoogle Scholar
  57. Li H, Calder CA, Cressie NAC (2007) Beyond Moran’s I: testing for spatial dependence based on the spatial autoregressive model. Geogr Anal 39:357–375CrossRefGoogle Scholar
  58. Kawamura K, Mahajan S (2006) Hedonic analysis of impacts of traffic volumes on property values. Transp Res Rec J Transp Res Board 1924:69–75CrossRefGoogle Scholar
  59. Löchl M, Axhausen K (2010) Modeling hedonic residential rents for land use and transport simulation while considering spatial effects. J Transp Land Use 2(2):39–63Google Scholar
  60. Van Eggermond MBA, Lehner M, Earth A (2011) Modeling hedonic prices in Singapore applying spatial hedonic regression. In: FCL Conference, SingaporeGoogle Scholar
  61. Martinez LM, Viegas JM (2009) Effects of transportation accessibility on residential property values. Transp Res Rec J Transp Res Board 2115:127–137CrossRefGoogle Scholar
  62. Cohen J, Paul CM (2007) The impacts of transportation infrustructure on property values: a higher-order spatial econometrics approach. J Reg Sci 47(3):457–478CrossRefGoogle Scholar
  63. Weinberger RR (2001) Commercial rents and transportation improvements: the case of santa clara country’s light rail. Technical report, Lincoln Institute of Land Policy, CambridgeGoogle Scholar
  64. Munoz-Raskin R (2010) Walking accessibility to bus rapid transit: does it affect property values? The case of bogota colombia. Transp Policy 17(2):72–84CrossRefGoogle Scholar
  65. Hellenic Statistical Authority (2011) Announcement of temporary results of census. Technical report, EL.STATGoogle Scholar
  66. Organization of Urban Transportation of Thessaloniki (2013) http://oasth.gr/organization/general_eng.php. Accessed 25 Mar 2013
  67. Attiko Metro SA (2013) http://www.ametro.gr/page/default.asp?la=1&id=20. Accessed 25 Mar 2013
  68. Roukouni A, Basbas S, Kokkalis A (2012) Impacts of a metro station to the land use and transport system: the thessaloniki metro case. Procedia Soc Behav Sci 48:1155–1163CrossRefGoogle Scholar
  69. Karanikolas N, Anastasiadou E (2012) The effect of location of metro stations on real estate values of commercial properties. a case study of Thessaloniki, Greece. J Econ Eng 3(1):4–11Google Scholar
  70. Xifilidou A, Karanikolas N, Spatalas S (2012) The effect of central metro stations on real estate values. J Land Use Mobil Environ 2:185–193Google Scholar
  71. Efthymiou D, Antoniou C (2013) How do transport infrastructure and policies affect house prices and rents? Evidence from Athens, Greece. Transp Res Part A Policy Pract 52:1–22CrossRefGoogle Scholar
  72. R Development Core Team (2011) R: a language and environment for statistical computing. R Foundation for Statistical Computing, Vienna, Austria. ISBN 3-900051-07-0Google Scholar
  73. Duncan TL (2012) XML: tools for parsing and generating XML within R and S-Plus. R package version 3.9-4Google Scholar
  74. Duncan TL (2012) RCurl: general network (HTTP/FTP/...) client interface for R. R package version 1.91-1Google Scholar
  75. Box DR, Cox GEP (1946) An analysis of transformations. J R Stat Soc Ser B (Methodol) 26(2):211–252Google Scholar
  76. Farooq B, Miller EJ, Haider M (2010) Hedonic analysis of office space rent. Transp Res Rec J Transp Res Board 2174:118–127CrossRefGoogle Scholar
  77. Brennan TP, Cnnaday RE, Colwell PF (1984) Office rent in the Chicago CBD. AREUEA J 12(3):243–260CrossRefGoogle Scholar
  78. Anselin L, Lozano-Garcia N (2008) Errors in variables and spatial effects in hedonic house price models of ambient air quality. Emp Econ 34(1):5–34CrossRefGoogle Scholar
  79. Baltagi BH, Egger P, Pfaffermayr M (2008) Estimating regional trade agreement effects on FDI in an interdependent world. J Econom 145(1–2):194–208CrossRefGoogle Scholar
  80. DiPasquale D, Wheaton WC (1996) Urban economics and real estate markets. Prentice Hall, Englewood CliffsGoogle Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg and EURO - The Association of European Operational Research Societies 2013

Authors and Affiliations

  1. 1.Laboratory of Transportation EngineeringNational Technical University of AthensAthensGreece
  2. 2.Transport and Mobility LaboratoryEcole Polytechnique Federale de LausanneLausanneSwitzerland

Personalised recommendations