The Impact On The Surrounding Residential Price Of Qingdao Subway Project Based On Hedonic Price Thoery

With the development of the city, traffic problem, air pollution and otherproblems have became the obstacles of development. But the Urban Rapid RailTransit like subway alleviate the traffic problems, and improve the convenience ofurban traffic effectively. A lot of large and medium-sized development city hasaccelerated the pace of urban rail transit construction. Urban Rapid Rail Transit canimpact on urban form and socio-economic changes, can promote the formation ofcertain spatial effects and socio-economic effects. So Urban Rapid Rail Transit projecthas become a hot topic among the experts and scholars, and many real estatedevelopers, consumer and government departments have paid more attention on it.This essays based on hedonic price theory, try to build a model to explain theinfluence between Qingdao subway (M3) and the surrounding residence.Firstly, on the basis of the resuls of urban rail transit impact on the surroundingreal estate prices and home and abroad. Analyze the traditional real estate valuationmethods and factors that affect real estate values. And combe the basic content of thehedonic price theory, and the characteristics of the major projects,as well as themechanism of urban rail transit impact on the surrouding real estate.Secondly, take Qingdao subway project as background, filter out thecharacteristic variables for regression analysis, and take different approach toassignment quantified each characteristic variables. As the focus of this article,ultimately selected526cell samples of29residential projects which around theQingdao subway project M3line. Then assignment according to selectedcharacteristic variables. Taking unit price as explanatory variables, choose linear andthe left semi logarithm as functional form. By regressing the hedonic price model ofthe residential along Qingdao subway project and pass the statistical tests andeconomic test. Analog model analysis and data analysis obtained the following threemain conclusions:(1)The maximum radius of Qingdao subway M3line is2000m; (2)Within the radius of influence, subway project produce a positive impact inthe surrounding residential price, the average value-added of11.97%;(3)M3line is under the stage of construction, however, from the data of theproject is approved, the influence has generated. The increase of residential averageprice is587yuan/㎡.Thirdly, summarizes the conclusions, found the lack of paper and put forward theprospects. And according to the conclusions put three advices: establish the jointdevelopment mechanism of urban rail transit and real estate; improve the metrosurrounding facilities; while strengthening the systematic study of urban rail transit.