Hedonic Price Thoery Research On The Impact Of Major Urban Projects On Real Estate Price

With the continuous development of China’s economic strength, many cities havebuilt or are building a number of major projects related to people’s livelihood and city’simage. These major projects not only improve the quality of people’s lives, enrichpeople’s daily social activities, but also have a huge impact on real estate prices. Urbanrail transit is the typical representative in major urban projects. Its transportationcapacity, fast and convenient, comfortable and environmentally friendly features, hasbecome not only an important way to alleviate the traffic pressure, alleviate the pressureof population on the city center and improve the quality of life of city residents, but alsoone of the important factors affecting the surrounding real estate prices. At present, theinfluence of urban rail transit on surrounding real estate prices has been a research focus.Although some studies used a hedonic price theory, But basically using the traditionalhedonic price model of ordinarily linear regression (OLR), Without considering thespatial nonstationarity.This dissertation takes Qingdao metro line M3as an example to study the influenceof the major projects on real estate prices. On the basis of the relevant research at homeand abroad, Firstly, This dissertation analyzes the mechanism of major urban projectsimpact on real estate prices, and describes the hedonic price theory and relevant contentabout the hedonic price model of geographically weighted regression (GWR); secondlyto identify and design the various characteristic variables which influence the real estateprice and specific assignments for variables. this dissertation establishes GWR hedonicprice model with370samples of real estate, and analysis of the impact of spatialnonstationarity of Qingdao metro line M3and the other characteristics on the real estateprice.According to the fitting results of GWR hedonic price model, the influence ofMetro line M3on the real estate price is gradually enhanced from the south to the Northin Qingdao. With each reduction1km from metro station, in the distance from QingdaoCBD within1km, real estate prices rise￥112to￥291; In the range of1~4km, realestate prices rise￥222to￥441; In the range of4~8km, real estate prices rise￥404to￥1059; In the range of8~12km, real estate prices rise￥1105to￥1811. Different sites caused the growth rate of marginal price is different. Three siteslocated in Shinan district on the influence of marginal price range are under￥300; Sixsites located in new Shibei district on the influence of marginal price range are under￥300~￥1000;Three sites located in Licang district on the influence of marginalprice range are under￥1200;Finally, this dissertation summarized the research conclusion according to theresults of the study. Three policy Suggestions and the outlook for the shortage of thedissertation are put forward.