Abstract
The proximity of transportation systems and its integration of transportation modes affect the value and usage of real estate. It is important to know the direction and magnitude of the impact of the transportation project on the value of real estate in order to make transportation investments and to formulate settlement and housing policies. In this study, the effect of the rail system projects on the residential property value was examined according to the results of the field studies conducted in the sample project area (Ankara M4 Kecioren Metro Line route). In this study, 698 residential properties were selected from the sample area by using systematic and stratified sampling method. In the case of the opening of the metro line comes to the effect from the agenda and the after opening the metro line, questions regarding the sales, rent and service charge of the residential properties were asked to the residences and the data were controlled after interviewed with real estate offices. According to the results of the field studies, it has been observed that housing sales were increased 17.40% and rent were increased 13.19% and both indicators were increased same level in the period after the construction and operation of the metro line. At the same time, it has been observed that the expectations of the increase in the value of housing sales were met after the the subway construction came to the agenda. It is important for policy-makers to know about what extent of impacts of transportation investments at the project levels affect the real estate values, the contribution of the investment to the city and regional economy, and the economic analysis in investment decisions and its impact on feasibility.
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