The Study On The Influence Of Wuhan Subway Transfer Station On Surrounding Residential Prices

Urban rail transit can greatly improve the travel mode of residents, and effectively enhance the accessibility of property along the line, and then lead to an increasing residential prices. With the progress of urbanization in China, much efforts have been made to increase urban public transport investment and construction, thus the subway line network has gradually achieved the transition from the past point-line mode to the current subway network which has a greater radiation influence. Consumers' demand for the houses in the vicinity of the transfer station is increasing, while developers might regard transfer station as a real estate pricing basis to promote sales and push up prices.In fact,compared to the ordinary subway station,the houses around transfer station often have a higher price and faster gains. These all show that among many factors of residential prices, the role of subway transfer station is more and more significant.However,among the academic community's study on the influence of urban rail transit on residential prices, the transfer station is not regarded as a variable in an empirical analysis. Therefore, based on the existing reference, this thesis will show the accurate calculation of the impact of the subway transfer station on the surrounding residential prices and in-depth discussion of the impact of the spatial effect of this. From a micro perspective, the result will provide useful reference for the real estate developers for setting real estate prices and home buyers for making better choices; from a macro perspective, it is significant for the relevant government departments to develop a reasonable subway construction planning and housing market policies, the effective allocation of public resources to promote the city's scientific management and sustainable development.Based on the Externalities Theory, Location Theory, Transit-Oriented-Development Theory and so on, this thesis takes the Hedonic Price Model as core research method to explore the influences of subway transfer station on surrounding residential prices. In the part of the theoretical analysis, the thesis first discusses the role of the transfer station in the pricing of housing commodity, and puts forward the development strategy of the housing market around it. Secondly, introducing the principles, assumptions, the characteristic variables, the estimation and inspection of Hedonic Price Model. In the empirical analysis, based on the status quo of housing market and subway construction in Wuhan,qualitative analysis and quantitative analysis are combined to construct the Hedonic Price Model of Wuhan Metro. The thesis also analyzes the spatial variability of the impact of the metro transfer station on residential prices. By introducing four dummy variables, the influence of the transfer station on the house price in the surrounding circle is measured. The results show that the transfer station has the most significant value-added effect around the 500?1000 meter section.The main innovation of this thesis lies in the analysis of the object to the subway transfer station, rather than the entire subway network or a single track line for a comprehensive analysis, and discussing the influence of the urban rail transit station on the surrounding residential prices from the spatial dimension.