Impact on Land Use and Local Real Estate along the Urban Rail Transit

Abstract

Urban rail transit has a great impact on land use. Models that define rail transit affected area and value added to local real estate are studied by the analysis of effects that rail transit has on land use and pricing of real estate. After comparing the results of different models, the proper transit influenced regions of Light rail line 3 in Changchun city are defined, and the value added to local real estate along rail transit is calculated with a half logarithm model of Hedonic Price Model (HPM). In conclusion, as the results show, rail transit has a positive effect to Changchun city, though it has problems like high investment, long-term construction, and noise pollution. The research is helpful to relevant government departments in decision making, promoting the comprehensive development of the land around rail transit stations, and reducing investment and management pressure on the rail transit system.