Real Estate Value-added Benefits Of The Urban Subway Development With The Surrounding Land Development Model

Developing urban subway is an effective means to solve the problem of public transport in a metropolis. Urban subway has many significant advantages such as large capacity, high speed and high efficiency. In our country subway construction is much late than North American countries, which have made a number of valuable experience and research results about the effective integration between subway construction and land development. This article attempts to taking Shenzhen metro as an example, to analyze the effects of the subway on real estate price. And through the research about Shenzhen Longhua Town, this dissertation draws a conclusion that how to take an effective combination development between subway and the surrounding land.The core of this study will include two aspects: First, this dissertation builds a hedonic model of property value uplift, which contains 3 characteristics, including location, structure and neighborhood. The empirical results identify the property value uplift effect around Shenzhen metro phase 1 quantitatively. Second, this dissertation takes a research on the subway-based urban planning of Shenzhen Longhua Town, and the Transit-Oriented-Development model of the four lands around the 4th subway line stations qualitatively.The main course of this study could be stated as follows. First, this dissertation gets a preliminary understanding about the topic by combing through the forepassed literatures. Second, this dissertation selects 352 valid samples from more than 400 real estate projects to analyze property value uplift by using regression method and hedonic price model. Third, this study takes an empirical research of TOD model around the subway stations by using value-added effect results, in order to get the TOD's characteristics and elements.This dissertation results indicate that: (1) Metro Phase 1 stations give a significant value effect on surrounding properties within a radius of 700m of the stations, and its average rate of value-added is 12.0%; 400m radius range of value-added in the region is more significant, with an average increase of 16.8%; preliminary estimates for each site that in 700m radius of the range, real estate value-added benefits may be up to l,910million yuan. (2) 'TOD' is a effective model to develop land around a railway station, and the government should guide the implementation of this model.The main academic contributions of this dissertation could be stated as follows: First, this study extends the research time span about the value-added effect topic. In domestic-related research the research time span is in the preparation and construction period of Shenzhen metro; In this paper, the data time-span covered over the construction and operation period, which fills the gap of similar studies. Second, this study takes a combination research about the property value uplift and land development model around the subway station. This study provides an empirical and important data on how to use the value-added effect to arrange urban planning and property development.