Abstract
Location preference is a repeatedly debated subject in urban land economics. By and large, these deliberations are either empirical or theoretical in nature. A sizeable number of the previous studies tackle the question of most favorable location provisional on a certain set of constrictions. Moreover, other studies are dedicated to elucidating the nature (worth) of a real property at a particular location. Nevertheless, the problem of ascertaining the indicators that influence real property price is general to both sets of studies. The current body of knowledge on the impact of transportation infrastructure on real estate prices is diverse in its outcome and result with particular reference to degree or extent of impact as well as bearing, ranging from a negative to an unimportant or a positive effect. On the literature results, multiple spatial lag variables were found to be statistically significant signifying that a number of features or attributes of adjoining residential accommodations have significant influence on the subject residential property's value. Whereas the largest part of earlier hedonic price empirical studies considered only selected factors (such as, positive as well as negative impacts of single transportation mode or means, positive or else negative impacts of multiple transportation modes) into account, the majority of recent empirical studies, however, considered all these key determinants, factors and indicators into consideration for analyzing joint impacts of transportation facility. Through considerable strategy, policy in addition to planning or forecasting implications underlying the association between transit oriented developments and real estate values and the difference between previous studies’ outcomes and results, there is a strong necessity and requirement for further study and analysis to ascertain an advanced, reliable in addition to dependable level of conclusiveness.
Highlights
It has been established that positive alongside negative impacts of transportation facility provide virtual benefits as well as negative consequences for dissimilar types of real property at various and strategic distances starting from the nodes and links of diverse forms of transportation routes
Several variations in the influence of neighborhood amenities on real estate values came into view involving residential along with commercial property markets
Transport venture or investment for pavement situation may perhaps augment, increase and boost positive effects on prices and values of residential accommodations neighbouring enhanced arterial road network, neighbourhood connector, in addition to residential roads owing to the decline, decrease and lessening of noise level along with enhanced aesthetic or visual condition in neighbourhood [68, 70]
Summary
It has been established that positive alongside negative impacts of transportation facility provide virtual benefits as well as negative consequences for dissimilar types of real property at various and strategic distances starting from the nodes and links of diverse forms of transportation routes. Changes of land use in addition to urban formation possibly will follow and prices of the real property could change [69]. In order to give a good reason for their venture, successive governments in many cities frequently transport infrastructure can possibly benefit real estate price, and as eventually, may perhaps opt value capture as one of the economic means [9, 56]. Several types of research have established that transport facility enhanced real estate values [2, 47]. Other previous studies have uncovered negative effects [23, 77]
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