Abstract
This article focuses on the relationship between the prices and the distance from a metro or commuter railway station to residential properties. Relevant efforts have already been dedicated to estimating the effect of station accessibility, but one of the key limitations of previous studies was the heterogeneity of real estate. Here, the data on homogeneous real estate type in Budapest, Hungary, namely panel flats (built with uniform technology between the 1960s and 1990s) are analysed by statistical methods. First, it is demonstrated that this real estate type is indeed highly homogenous. Second, linear regression is used to understand the relationship and its magnitude between flat prices and distance of stations. The results show a statistically significant relationship, i.e., that five additional minutes of travel time to the nearest station providing fast access to the city centre makes real estate prices drop by nearly 1%. In light of current policies promoting rail for passenger transportation, the findings may be applied for value capture policies to increase the viability and feasibility of urban railway projects.
Highlights
In light of the speed of urbanization around the world, making cities more sustainable has become a key global challenge [1]
The results show a statistically significant relationship, i.e., that five additional minutes of travel time to the nearest station providing fast access to the city centre makes real estate prices drop by nearly 1%
The analysis consisted of two steps to show the effect of high-capacity railway connection on residential property prices, both based on commonly used statistical models
Summary
In light of the speed of urbanization around the world, making cities more sustainable has become a key global challenge [1]. Enhancing urban transportation and mobility by environmentally sound technologies and measures is found to be one of the best practices, in Europe [2]. The New Urban Agenda of the United Nations envisages cities that promote sustainable, safe and accessible urban mobility by means of resource-efficient transport systems worldwide [3]. Aims to improve current policy and financial frameworks regarding mobility management, urban planning and connectivity in order to achieve sustainable and healthy mobility in urban areas. It sets the ambitious targets of 100 climate-neutral cities and fully carbonneutral scheduled collective travel for short journeys (under 500 km) in Europe by 2030. It is expected that shifting more activity towards more sustainable transport modes, especially commuting by public transport and travelling by rail, may significantly contribute to reaching these goals
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