Abstract
Urban rail transit (URT) plays crucial economic, social, and environmental roles and may generate positive externalities that can influence the residential property values (RPVs) in real estate markets. Little attention has been given to exploring the impacts with respect to both the spatial and temporal perspectives. This paper explores the impacts of URT on the RPVs of 480 gated communities with respect to the spatial and temporal dimensions using the hedonic price model and a panel data set from Zhengzhou for 2012–2016. The results show the following: (1) URT does have a significant positive impact on the RPVs in all the selected years from 2012 to 2016, and the influencing strength was a “U-shape” with the increased travel time to the nearest URT stations in most of the selected years. Specially, there is quite some interaction between the temporal and spatial dimensions. (2) The influencing strength of URT during its early stages of planning and construction was higher than that during the operation periods, which is quite different from previous research that uses these first-tier cities such as Beijing and Shanghai in China. (3) Regarding the operating period, the influencing strength reached its peak point after two years of the URT line operating. The results of this paper could provide some new ideas for policy-makers, real estate developers, and even the consumers in real estate markets.
Highlights
Urban rail transit (URT) plays crucial economic, social, and environmental roles
The coefficient of “lntd” was −0.007 in 2016, which indicated that when the travel time to the nearest URT station was reduced by 1%, the residential property values (RPVs) around URT stations increased by 0.7%
It indicates that the opening of URT has quite a positive influence on RPVs, and will be strongest after two years of operations with the absolute value of the coefficients of “lntd” peaking at 0.033 at the p = 0.01 significance level in 2015, which is different with the result of Gu and Guo (2010) [39], in which the impact of URT on RPVs might not be significant after two years of operations
Summary
Urban rail transit (URT) plays crucial economic, social, and environmental roles. URT improves the accessibility of commuters to workplaces and services and generates positive externalities for the environment due to potential reductions in greenhouse gas emissions [1,2]. The URT itself requires high investments and has a long payback period before being profitable, and the URT might increase the financial pressure on the local government and prevent them from investing in other new infrastructure [3,4] This problem of developing URT is crucial for most cities, especially for the cities in a developing country such as China. The existing research taking cities in China as a case study is mainly concentrated on exploring the impact of URT of first-tier cities, such as Beijing [17], Shenzhen [18], and Shanghai [11,16], while little attention has been paid to the second-tier cities (e.g., Zhengzhou) that have just begun to construct and operate their URT systems.
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