An Assessment Of The Impact Of Urban Rail Transit On Real Estate

At present, China’s urban rail transit construction is being carried out on a large-scale, for the study of urban rail transit is also becoming the focus of scholars.Development of urban rail transit not only has the basic functions to solve traffic congestion and facilitate travel,but also has an important role in promoting the economic development of the urban. At the same time, the development of real estate is also a hot topic in our country. Studies about the factors that affect housing prices and assessment of housing prices are the issues that the majority of scholars explore. This paper mainly focus on these two hot topics and research the effects of Metro on the surrounding property prices.Because housing prices are most concerned real estate prices, so this paper chooses the housing prices as the real estate prices.Market approach, income approach and cost approach which focus on the evaluation of the overall value of real estate are the traditional methods of the assessment on housing prices.These traditional methods can not distinguish and quantify some important factors that affect real estate prices, such as the impact on real estate prices of Metro can not be quantified through traditional assessment methods.The paper analyzes the rail transportation and real estate prices and their impact mechanism systematically by summarizing researches of overseas and domestic about this issue,then introduces two models that commonly used and chooses hedonic price model for empirical analysis.Hedonic price model is mainly constructed by their definition that real estate prices are a combination of these features prices. Through the analysis of facts that impact the real estate prices,we choose16features that form three aspects,that is traffic characteristics,location Characteristics and property features. In this paper, we use the least squares method for linear equation and semi-logarithmic of the hedonic price model to complete the regression analysis by statistical software SPSS17.0and choose linear equation by compare those two equations.Gradually filter out11significant variables into the final model and do some necessary tests,such as the economic sense test and statistical test.Finally, the conclusion is as follows:Real estate prices are affected by many factors, and metro has a significant effect on housing prices;Metro has an spatial effect on housing prices,that means the prices reduced with distance from subway station increasing.