Effects Of Urban Rail Transit On Housing Pirces

Urban Rapid Rail Transit (URRT) can effectively satisfy the residents’ travel demandin cities of high-density development, as it has the characteristics of large volume, lowenergy consumption and high punctuality. As a result, it is popular in the denselypopulated cities worldwide. Since2000, the planning and construction of Urban RapidRail Transit’s line network in our country has presented a geometric growth. However, theshortage of project’s construction fund and the unbalance of payments have become thecommon problems for the development of URRT in our country. Domestic scholars havegenerally recognized that the effective way to solve this problem is to establish profitpattern with land value-added income as the core and attract private sector participatingURRT’s construction investment. The study on URRT’s impact on housing prices canprovide key quantitative basis for estimating the appreciation income of land caused byURRT, constructing recycle mechanism of projects’ external benefits and supporting thebenign development of URRT.This paper reviewed the related theories of URRT’s effects on property prices,analyzed the spatial pattern, rail transit network planning and housing market runningstatus of Wuhan, selected the Hedonic Price Model (HPM) as the analytical framework,analyzed the effects of Wuhan rail transit line no.2on the housing stock market.The paper summarizes the influence factors of housing price from aspects of thelocation, structure and neighbor-hood conditions of the residence, combined with thegeographical spatial feature of the empirical research city, preliminary selected thehedonic variables set, illustrated the measure method of each variable. Then, based oncross-section data of the stock residential samples of Wuchang district, calculated the unitprice and total price of housing sample in different radius and annulus, get the average andstandard error of sample data, qualitatively analyzed the radius of effects on housingprices. According to the correlation coefficient matrix of variables of the model, analyzed the relevance of housing price and the distance to different grade commercial center,determined the location hedonic variables of the model.In the part of econometric analysis, first verify the conclusion of the rail transit hasno significant impact on city center, analyzed the effects on the housing price in such area.Then, divided the city into the central area and the peripheral area refer to the spatialpattern of Wuhan, established HPM equations separately, calculated the flexibility ofhousing prices to the distance to rail transit station, analyzed the differences of effects indifferent area of city.In order to further determine the radius of effects on housing prices, built HPMequations of rail transit station areas, using virtual variables describe the distance ofsamples to the rail transit station, analyzed the effects of different distance to the sites.Selected the Optical Valley square station as an example, illustrated the analysis methodof influence radius of rail transit station, calculated the effects of housing price and theunit price.