Expansion of the Transport System as a Factor Affecting the Real Estate Market, with the Construction of the Olsztyn Ring-Road as an Example

Abstract

Abstract Improvement of spatial accessibility, associated with changes in the transport system, can affect the local real estate market. This is because better transport accessibility and reducing the time of a journey home affects the location-related attractiveness of real estate. A ring-road in a town is an example of changes in the transport system of an urban functional area. Such an investment project is being carried out in the Olsztyn suburban zone. The aim of the study was to verify whether the execution of this road construction project affects the local real estate market in the suburban area in the plot segment. The scope of the study included the change of activity and price level. The study period included the years 2007-2018. The analyses were based on descriptive statistics. This paper presents the effect of transport accessibility on real estate prices, the importance of the ring-road under construction arising from the strategic document analysis, the methodology applied, and the conclusions of the study. The results indicate a systematic increase in the number of transactions and average unit prices of building plots from the moment a permit for carrying out a road construction project was issued.