Study On The Impacts Of Real Estate Price Alongside The Urban Rail Transit

Urban Rapid Rail Transit(URRT) is a safe, comfortable, convenient, fast, effective, environment-friendly urban infrastructure system that provides mass public transportation services with subsidies from the government. With the development of our social economy and the speeding up of urbanization advancement, URRT plays an active and key role to reduce problems such as traffic congestions and air pollution that many cities are facing. However, construction costs of URRT system are very high and the benefits of increase of properties around stations due to URRT development are not do any contribution to the sustainable development of URRT. It is imperative to analyze the quantified effects of URRT development on the adjacent property and establish a complementary relationship between URRT development and the use of the adjacent land.Firstly, this paper summarizes the results and research methods of relevant analyses from overseas and China, enumerates the categories and the characteristics of URRT, the factors influencing the price of real estate, and also analyzes the mechanism on how URRT boosts the value of properties along the route of URRT. Then summarizes the development status of URRT in several big cities home and abroad and elaborates the situation of Dalian Express Rail Traffic No.3 getting ready for the following empirical analysis.The core of the paper is chapter 4. Firstly, using travel time to describe accessibility and supposing different travel styles have the same travel time. Then taking Dalian Express Rail Traffic No.3 for example, calculates the benefits impact area of every station and choosing 2.5km as the researching area when selecting samples.Principal components analysis is used in hedonic price model, datas of 21 attributive characters of 24 properties alongside Dalian Express Rail Traffic No.3 are gathered, and builds a model with the help of SPSS statistic analyzing software. Principal components analysis uses less components to replace more attributive characters, and more than 85% original information is reserved. All the attributive characters are maintained in the model to definite price. Conclusions are obtained from the coefficient symbols of the attributive characters: the nearer the property is from the station, the better of the accessibility and the higher of the price; Better afforestation, approach to the famous university, hospital, and supermarkets do positive effects to the property prices. Secondly, the semi-logarithmic hedonic price model is used to forecast the average selling price of 24 sample properties and 3 new projects alongside Dalian Express Rail Traffic No.3. Forecasting error is within 10% and indicates the forecast effect is good. And then detailed analyzes the causes of error, such as the disequilibrium of real estate market and the existence of transaction cost are not matched the assumptions, selecting problems of attributive characters, data gathering problems and so on.Finally, the paper makes some explore in definiting price of real estate project alongside the URRT, and has guiding significance and practical application value when the developers definiting prices for new projects.