The Effect Of Urban Rapid Rail On The Surrounding Residential Price

Urban rapid rail has the characteristics of fast, convenient and efficient. Presently, the construction of urban rapid rail in China is increasing. It can not only effectively ease the traffic congestion problem, but also greatly affect the price of the surrounding residence. This dissertation took the Wuhan Metro Line 2 as an example, though using quantitative and qualitative analysis method to explore the influences of spatial characteristics and temporal characteristics on the surrounding residential price. Combined with the specific situation in Wuhan, the reasons were explained.This dissertation analyzed the influences of residential price next to Wuhan Metro Line 2 from space effect and time effect. Based on the Hedonic Model, though establishing of Hedonic Model, collecting the residential price near Wuhan Metro Line 2, selecting the appropriate sample, settings the characteristics of variable and analyzing by SPSS 19.0 software, this dissertation made the following conclusions:1. The space effect: the influence area of Metro Line 2 is about 1500 m. The residential price within 500 meters of the subway station, and between 500 meters and 1000 meters were higher than that in the distance between 1000 meters and 1500 meters, about 610.7 yuan per square meter and 406.8 yuan per square meter respectively. In other words, the price increased by 10% and 7% respectively. Besides, the residence price in urban area is more influenced by subway than that in downtown area.2. The effect of time: from 2011 to 2014, residence price continued to increase. Within 500 meters of Metro Line 2, residential price rose 543.1 yuan per square meter which enhanced 10.4%. The distance between 500 meter and 1000 meters, residential prices rose 592.8 yuan per square meter which enhanced 10.9%. In the range of 1000 meters and 1500 meters, residential prices rose 509 yuan per square meter which enhanced 8.6%.3. According the analysis results of time effect and space effect, Metro Line 2 made the benefit of 195.2 billion to the surrounding residential price.The conclusion of this dissertation could be useful for the customers and the government. For the customers, the residence price between ring 2 and ring 3 is cheaper than that in downtown. In fact, there is a large appreciation of the price for investment. The residence near the Metro Line 2 is more suitable for working-class customers because of the convenience. The residence within ring 2 is more suitable for the customers who have the certain economic ability, because the surrounding facilities and living environment is good enough to save more time. Due to the benefit of property sales are possessed by the private developers, for the government, this dissertation suggests that the public and private developers can cooperate and share the benefit.