Empirical Study On Influence Of Urban Rail Transit On Real Estate Price

On account of the busier and busier traffic, people become to pay attention to the development and utilization of underground space. Along with the development of subway, more and more real estate enterprises rely on the well-established metro property to achieve better and better development. Therefore, the relationship between public transportation and real estate market becomes a hot spot that is researched by many domestic and foreign scholars.This paper analyzes the location theory, differential rent theory and land appreciation theory, so as to interpret the relationship between rail transit and real estate value. Thus, it finds that the construction of rail transit contributes to improving the traffic location of real estate and thus improving the traffic accessibility of the region, and that it also contributes to creating huge surplus profit and thus turning it into differential rent, so as to bring huge land appreciation effect and raise the housing price. Moreover, the rail transit can also relieve the traffic pressure, change the land use nature, enhance the land development strength, and improve the land value.This paper selects Chengdu Metro Line-1 and Line-2 as the study object based on the theory analysis, and adopts Hedonic Price Model. The sample data is collected on the basis of three factors, which are location, construction structure and environment, and the data is calculated and analyzed by means of semi-logarithmic equation. The result shows that the variables affecting the housing price include the distance with the subway station, the distance with Tianfu Square, location, house age, decoration degree, green rate, the rate between parking space and the number of household, property management cost, public transportation, supermarket, and park. Furthermore, within the scope of 500 meters away from the subway station, it has negative effect on the housing price; within the scope of 500 meters to 1000 meters, the farther it is away from the subway station, the lower the housing price is, which means that the subway station has positive effect on the housing price.Based on the study result, it proposes to make full use of the positive external effect of rail transit, improve the distribution of land appreciation revenue, enhance the overall development of rail transit and real estate, and use the land resources reasonably.