The Research On Effect Of New City Rail Transit Project On House Price Nearby

The research of the effects of city-railway system on the house price is a hotspot in recent years. Along with the construction of No.1 metro of Chengdu, the impacts on the house price draw the attention of real estate businessmen, consumers and researchers. Based on the hedonic price theory, this paper attempts to consider the No.1 metro of Chengdu as the object, analyzes the impact on the house price around it by establishing the hedonic price model and using the regression analysis.Basic on the literature study, This research have done the survey to the development of Hedonic Price Theory and Model, and has reviewed domestic and international some research results that influence to the peripheral price of real estate briefly about the rail transportation project. Then adopt different methods to carry on quantization to the characteristic variable of the house, construct the hedonic price model to study the impact on peripheral price of house of the newly-built rail transportation project tentatively. Listed the merger of the data and electronic map data through the open house market of Chengdu on net finally, adopt the hedonic price model of the house , on the basis of trying being regarded as , have carried on the positive research to the impact on peripheral price of house of No. 1 metro of newly-built Chengdu, and examine its space effect and time effect to the peripheral price of house.The conclusion of this research is following like this: the impact radius of the No.1 metro on the house price around it is 2000m. Inside this range, the metro influences the house price around it in a significant way. Specifically speaking, inside the distance of 0-500m, 500-1000m away from the metro, the metro has a negative effect on the house price around it results from the noise during the construction and the problem of transportation. The price around the metro is lower than the further one which is 448.09 RMB /m~2 and 202.376 RMB /m~2 lower respectively. However, owning to the expecting improvement of the transportation, inside the distances of 1000-1500 m, 1500-2000m, the price is 321.310 RMB /m~2 and 175.107 RMB /m~2 higher.Additionally, related to the different section character of the house itself, the construction of No.1 metro has different time effects on the house price around it. The extent of the effect is different because of the different situation of improvement of the transport network. The house price inside the ring 1 road, between the ring 1 and ring 2 road, between the ring 2 and ring 3 road raises 146.6RMB/ m~2, 178.976 RMB/ m~2 and 264.621 RMB/ m~2 respectively comparing to the time before the construction of the metro. The house price outside the ring 3 road increase in a most significant way which is 620.646 RMB/ m~2 because of the availability of the transportation resulting from the construction of the metro.Finally, to the tremendous fund pressure of the construction of rail transit project and the significant add-value space of the house price result from the rail transit project, this paper brings forward the suggested policy to establish combined developing system of metro and real-estate around it.