The Spatial Effect Of Urban Rail Transit On Housing Price In Wuhan

Technically speaking,urban rail transit refers to an urban public passenger transportation system which adopts special and dedicated rail and employs the oriented-operation method.The recent years,in China,have witnessed the rapid social advancement and soaring movement of urbanization,however there are increasingly serious traffic issues inside cities,such as traffic jam,noise,pollution and other kinds of problem imposing negative effects on people's daily life to which have been paid more and more attention by the governments.Under such background,the urban rail transit featuring as large transporting capacity,high speed,energy saving,less pollution,punctuality and high safety,has been taken as an essential choice of structuring urban public transportation network and solving urban transportation issues.This paper focuses on rail transit construction and real estate development.Adhering to the principle of the accessibility and timeliness of data,671 research samples and 7381 valid data have been selected.The research samples consist of all house project within 3.5 km to Wuhan rail transit line1,line 2,line 3,line4.The major research content of this paper consists of five parts.At first,the overall introduction of the hedonic theory has been made.Secondly,the general and main factors influencing housing price have been thoroughly analyzed.Then the hedonic model of housing price has been explained and structured.Subsequently,the empirical research of the spatial effect of urban rail transit on housing price has been conducted.At last but not the least,major conclusions have been demonstrated as followings.To begin with,the housing price is affected and influenced by various factors and furthermore the contribution and effect power of each single factor will change due to the variations of the spatial distribution and capacity of research samples.Secondly,the decrease of the distance from the houses to subway stations will increase housing price,moreover this increasing effects will be reduced as the distance getting far in terms of general and partial forms.Thirdly,the increasing effect is getting weaker with the reduction of the distance from the house to the city center.Namely,the effect is getting weaker from suburban even rural areas to downtown.At last but not the least,the distinct social and economic development level of different administrative districts will change the increasing effect in some degree.