Quantitative Analysis Of The Impact Of Nanjing Rail Transit To Residential Land Prices

The urban land price is the combined result of its attributes of resource and product, urban economic development and the contradiction of land supply and demand, indirectly represented by general prices, rents and other forms. As the important information of land market operation and the criteria of land value, urban land price has the combined effects of the urban economic, political, and demographic factors, playing an important leverage in the regulating urban land use and optimizing the allocation of land resources. It’s the core of the city’s economic life and it has also been the focus of economic geography, land economics and related disciplines in academic research.Traffic conditions is one of the important influencing factors of the urban land price. As an important way to solve the traffic conditions in major cities, rail transportation has an important influence to improving urban form and layout, facilitating travel for residents and promoting the surrounding land price.This paper attempts to apply the theory and methods of land price’s space structure to analyze the discipline of space distribution and establish the influencing indicators system and uses the reachability theory to measure the impact range and uses Box-Cox transformation and the hedonic price model to quantitatively calculate the impacts of rail transit to residential land price.Taking Nanjing for study sample, this paper builds the residential land prices database from2005to2010and employs geostatistics method to make the map of residential land price and analyze the change of its distribution structure from time and space and the quantitative impact of rail transit to residential land price. On the basis of the above, we build the influencing indictors system and take the Nanjing rail transit1for empirical study.The case study based on the reachability theory to calculate the influence radius of the transit site to further clarify the scope of the study; and then followed by data pre-processing with Box-Cox transformation and the T-test for dummy variables and finally built the hedonic price model to reveal the impact of rail transit to residential land prices.The conclusions of the paper are as follows:(1) The recent space distribution discipline of Nanjing land prices. This paper got land prices data of Nanjing main city from the real estate transaction prices from2005to2010and obtained the corresponding distribution of residential land prices from2005to2010. The results show that the distribution of Nanjing land price has both continuity and variability. Overall, the contour is a circle outside cumulative, and the same contour has less closed circle. The prices generally reduce form a peak area to the sounding and the continuity is more obvious.Meanwhile, the expansion of the continuous construction of the city, the need of greater quality life and population expansion lead to developing new residential hot spots. Due to its good conditions of living environment, convenient transportation, complete municipal facilities and other advantages, residential land prices of hot spots are higher than other regions. These hot spot areas in addition to their own land prices higher, also driven by the surrounding land prices, and gradually form a sub-center as the core of hotspots. These hot spot areas in addition to their own high prices also spur the increase of surrounding land prices. And gradually sub-center with the core of hotspots was formed. In addition, the distribution of Nanjing land price is highly centripetal. The urban center area has bustling commercial service industry, infrastructure, public facilities, transport facilities, and therefore the land prices will naturally be high. The contour interval distance of the urban center is more intensive than that of the peripheral region, showing that land prices reflect strong to regional factor in downtown area, and the reflect become more gentle, change magnitude reduced and the contour was corresponding sparse away from the downtown area. Change magnitude reduction in the contour of the corresponding sparse. (2) The space-time evolution trend of Nanjing land price. Overall, the spatial structure of every year has relevance and also differences. The land price has shown upward trend from2005to2010, but the increase rate is different, of which the increase rate in2006-2007and2009-2010is greater than others. And the increase rate of urban centers is greater than that of suburban, showing that the increase of urban centers driven the increase of surrounding land prices and gradually expand to the outskirts of the city.(3) The impact of rail transit to land price. Taking Nanjing transit line1as example, this paper estimates the impact extent of trail transit to residential land prices and gets the following conclusions:Nanjing rail transit line1has most significant impact on the residential land price within the scope of each site, followed by the distance to the main roads and the distance to CBD and pleasant scenic have the least impact; the prices exponentially decay with the distance to rail transport, which is the important factors of improving the accessibility.