Abstract
Bangkok suffered from the world’s worst traffic congestion in the 1990s due to rapidly increasing car ownership, reflecting the economic growth and road-dependent transport policy beginning in the 1960s. Due to its monocentric but scattered urban structure, traffic congestion is severe, causing tremendous economic loss, deteriorating air quality, and badly affecting the quality of life. A historical review reveals that the urban and transport plan and development were not efficiently coordinated, resulting in unorganized suburbanization and progressively more severe traffic congestion. It is important to reveal the impact of the transportation project on the housing market in order to incorporate the policies for transportation and urban development. To define the impact, the OLS hedonic price model and the local multiscale geographically weighted regression (MGWR) model were estimated, along with the condominium sales data. The results revealed that the impact of rail transit on a rise in property value significantly varied across the study area. It was estimated that, for the area along the major rail transit corridor in the city center, a premium of a location 100-m closer to the station would be more than 200 USD per square meter. At the same time, the value would be less than 80 USD for the area along the rail corridor in the suburb. These findings provide policy insights for future urban and railway development, including the proper coordination of rail transit development and urban development with subcenters, transit-oriented development, and improved pedestrian flow around transit stations.
Highlights
As the rail transit development in Bangkok over the past decades has drastically changed people’s thinking and lifestyle, this study examines its impact on urban development
This study found a premium value of USD 846 per 100 m closer to the urban rail transit station in Bangkok, which was estimated based on the 0.062% elasticity value obtained from the ordinary least square (OLS) model presented earlier
A hedonic analysis of the condominium listing price was presented by employing the local Geographically weighted regression (GWR) and multiscale geographically weighted regression (MGWR) models, which provide better information than the global
Summary
Large cities in developing countries are typically characterized by inadequate public transport service, high car dependency, and consequent traffic congestion. While road provision is found to be positively correlated with congestion in. Urban rail transit systems have been planned and developed to reduce congestion and enhance economic development in the urban areas, which often sheds light on land value acquisition in order to capitalize on the benefits introduced by rail transit [2]. The capital of Thailand, is known as one of the world’s most traffic-congested cities [3]. The problem is caused by its high population density, poor road hierarchy, and the rapidly increasing car ownership reflecting the high economic growth that resulted
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