SDID-based Spatial-temporal Effects Of Rail Transit On Surrounding Housing Prices

Traffic and residence are two basic problems of people's livelihood.While the construction of urban rail transit projects in China alleviates the traffic problems,it also has significant external effects on surrounding housing prices,intensifying the problem of "high housing prices" Quantitative analysis of the temporal and spatial effects of rail transit on surrounding housing prices can provide theoretical guidance and decision supports for the government to guide the residents' housing demands reasonably,coordinate and improve the plans,conduct scientific land acquisition and transfer and finance for the rail transit projects and so on.Based on the hedonic price theory,this paper introduced spatial economics and difference-in-difference theories,and constructed a spatial difference-in-difference model(SDID)for the research on the spatial-temporal effects of rail transit on surrounding housing prices.Based on these,taking the Hangzhou Metro Phase I network as an example,in the aspect of temporal effects this paper studied the different effects of the rail transit's planning approval,construction and opening on the surrounding housing prices.And in the aspect of spatial effects this paper studied the different effects of the rail transit on surrounding housing prices in downtown and suburbs.The results of the empirical study show that the incremental benefits of the housing prices within 800m around the rail stations brought by the planning approval,construction and formal opening of the Hangzhou Metro Phase I network were respectively 11.04%,10.90%,18.46%,and the construction start-up of Hangzhou Metro Phase I network boosted the housing prices within 800m around the rail stations in suburbs by 10.4%over the downtown.There are four main conclusions.The first,the effects of rail transit on surrounding housing prices start at the planning stage first,and the levels of effects are different at different stages.The second,compared to downtown areas,rail transit has a greater impact on surrounding housing prices in suburbs.The third,the spatial difference-in-difference model has good application value for the research about the spatial-temporal effects of rail transit on surrounding housing prices.The fourth,the government's various plans and macro-policies need to consider the spatial-temporal effects of rail transit on housing prices.