The Impacts Of The Urban Rapid Rail Transit To Residential Price

Firstly, the characteristics of Urban Rapid Rail Transit (URRT) and the factors affecting the real estate price are analyzed based on the results of relevant analyses from overseas and China, and the mechanism on how URRT increases the realties value along the route is discussed. Then, three econometric models used in quantitative analysis of the impact degrees of URRT to the real estate price are introduced. Comparing with the existing Travel Cost Model (TCM) , Hedonic Price Method (HPM) and Linear Expenditure System Hedonic Model (LESHM) model, HPM model is selected as the basic one of the paper because of its applicability and validity. Afterward, variables of house are set according to the foreign and domestic research, the residential market in Chengdu is considered as a single market. Linear model, logarithmic model and semi-logarithmic model are respectively used in the regression analysis, the linear model adopt at last.Secondly, taking the metro line 1 in Chengdu as the example, by qualitative analysis and quantitative analysis, reveal the impacting regulations of URRT bring to the residential price along the route. For one thing, the qualitative analysis shows that the residential price around the metro station can benefit from the URRT, and the impact radius varied in different region, it is extended from the urban to the suburb. We also find that the degrees of benefits from the URRT to residential price is not the same in different rings, it is increasing from the inner ring to the outer ring. For another thing, the HPM and software SPSS14.0 are used in regression analysis, so more impacting factors of URRT on real estate property values are discussed, and the regulations are validated and explained.Finally, the conclusion of the paper and the further research about the subject are presented.