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Accessibility and Proximity Effects of Bus Rapid Transit on Property Prices

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Property Price Impacts of Environment-Friendly Transport Accessibility in Chinese Cities

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Abstract

Bus rapid transit (BRT) is popular worldwide because it provides high-quality transit services at low costs. Many studies conducted in the West have shown that BRT accessibility has a positive impact on nearby property prices (accessibility effect). Comparatively, few studies have been conducted in urban China. Moreover, there are even fewer empirical studies on the undesirable factors associated with proximity to the BRT corridor, such as air pollution and unpleasant visual scenes (proximity effect). Based on 16,165 property samples in Xiamen (China), we estimated a set of non-spatial and spatial hedonic pricing models to simultaneously investigate the accessibility and proximity effects of BRT and tested whether or not accessibility-based premiums and proximity-induced discounts coexist in the property market. The empirical results suggest that (1) accessibility to BRT positively affects nearby property prices; (2) proximity to the BRT corridor negatively affects property prices; and (3) accessibility to BRT has a stronger positive impact on property prices in the peripheral area than in the central area. Finally, we proposed policy implications from these results.

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Authors and Affiliations

  1. Department of Urban and Rural Planning, School of Architecture, Southwest Jiaotong University, Chengdu, China

    Prof. Linchuan Yang

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  1. Prof. Linchuan Yang
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Correspondence to Linchuan Yang .

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Yang, L. (2021). Accessibility and Proximity Effects of Bus Rapid Transit on Property Prices. In: Property Price Impacts of Environment-Friendly Transport Accessibility in Chinese Cities. Springer, Singapore. https://doi.org/10.1007/978-981-16-8833-1_4

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  • DOI: https://doi.org/10.1007/978-981-16-8833-1_4

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  • Publisher Name: Springer, Singapore

  • Print ISBN: 978-981-16-8832-4

  • Online ISBN: 978-981-16-8833-1

  • eBook Packages: Social SciencesSocial Sciences (R0)

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