Abstract
With the implementation of growth management planning in urban areas and the realization of sustainable development visions, transit-oriented development has become a form of mainstream urban development. Relevant studies have verified that the market prices of houses in the peripheries of public transit stations are higher than those of regular houses. However, when buying a house, people make price decisions on the basis of their levels of identification with the amenities and environmental qualities of residential locations. The question arises whether current housing price levels in the peripheries of public transit stations properly reflect or over-reflect this consideration. To clarify this, this study selected the peripheries of mass rapid transit (MRT) stations in the Taipei metropolitan area in Taiwan as the research area and designed a willingness-to-pay questionnaire for houses in the peripheries of MRT stations by using the contingent valuation method. Subsequently, a Tobit regression model was established to estimate the prices that people are willing to pay for such houses. The results revealed that after the respondents had considered the advantages and disadvantages of the amenities and environmental qualities of the peripheries of MRT stations, they were willing to pay higher prices for a house in those areas than for a regular house. For houses in the peripheries of elevated stations, the respondents were willing to pay approximately 7.89% more than the average market price of the entire administrative district per square meter. For houses in the peripheries of underground stations, the respondents were willing to pay approximately 5.9% more than the average market price of the entire administrative district per square meter. However, in the peripheries of both elevated and underground stations, the current market house prices are higher than the price levels the respondents were willing to pay. In the peripheries of elevated stations, the market house prices are 33.55% higher, and those in the peripheries of underground stations are 14.82% higher than what the respondents were willing to pay.
Highlights
In the development of urban areas, the land demand from industrial development, commercial activities, and resident behaviors results in suburbanization
The factor “mixed land use provides abundant and convenient commercial functions (GQ3)” was not significant in both the elevated and underground station models. These results indicate that the commercial functions of the peripheries of mass rapid transit (MRT) stations in the Taipei metropolitan area are insufficient for respondents to pay an additional price for houses in the areas
The Taipei metropolitan area was used as an example, and a questionnaire was designed using the open double-bounded dichotomous choice (DBDC) model based on the contingent valuation method (CVM)
Summary
In the development of urban areas, the land demand from industrial development, commercial activities, and resident behaviors results in suburbanization. Developmental sprawl has appeared in the overall spatial structure of the Taipei metropolitan area in Taiwan [30] To reverse this urban land use pattern, which violates sustainable development, and solve the conventional land use problem of the inability of zoning controls to respond to the rapid changes in industrial development and commercial activities, governmental urban planning agencies have gradually introduced growth management into planning systems at different levels and are actively implementing TOD strategies. Whether the different causes and purposes of metropolitan development characteristics and the introduction of TOD for planning result in different profiles of housing markets in the peripheries of mass transit stations in Taipei and US metropolises remains unclear. A novel price evaluation framework could be provided for this special house type
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