The Effect Study Of Urban Rail Transit On Real Estate Values

With the acceleration of urbanization process and the rapid economicdevelopment of cities, more and more ordinary people can afford to buy private cars.However, the increasing number of private cars has been far more than thegovernment of municipal engineering, expansion, renovation rate. Therefore, theproblem of congested roads chaotic traffic is a big problem for the government andevery city residents. At the same time, urban rail transit with its high efficiency andlow pollution, just can bring the help to city traffic congestion. In the academic field,there is a growing number of scholars study the empirical analysis of the impact onresidential value along the urban rail transit.Construction and operation of city rail transit require significant capitalinvestment. Looking at the world, only Japan, Hong kong, and a handful of city inUSA can profit along rail transit. Urban rail transit has significant incremental effecton the price of houses. Urban rail transit construction has a very significantexternalities. The main benefit often belongs to the owners of developers and realestate along the rail transit. How to internalize the externality of rail transportationrevenue is the hot issues in the current study.Because of the development characteristics of each city and the real estatemarket situation is different, so the research on the influence of urban rail transit’svalue is also during to the city. In this thesis, taking having been normal operation of2years of Hangzhou Metro Line1as an example, we study its effect on the price ofhouses along the Hangzhou Metro Line1.This paper finally chooses13variables of housing characteristics on line1ofHangzhou Metro to analyze the effect on the price of house along line1of HangzhouMetro. Through the distance subsection, setting the dummy variable to investigatethe value of house along Hangzhou subway line1in different regions the radius. Inconclusion that: the price elasticity of houses along the Hangzhou Metro Line1is-0.092. For every additional1%distance to the nearest subway station, housing prices margin0.092%.The results of the research show that the housing price rise within theradius of600m is the most obvious.Compared to the traditional research methods, by collecting community housinginformation, this thesis use the GeoDa software to establish the spatial econometricmodel for housing price along the Hangzhou Metro Line1. The thesis concludes thatthere is spatial effect of Hangzhou housing market along the Hangzhou Metro Line1,and hedonic price model by using the spatial econometric model is better than thetraditional econometric model.