A Empirical Study On The Impact Of Rail Transit On Residential Property Prices

In recent years,the rapid development of urban rail transit in major cities in China has promoted the upgrading of transportation system and the expansion of urban space,and also led to the prosperity of real estate along the region.However,the construction investment in rail transit and operating costs have brought tremendous financial pressure on local governments.Studying the impact of rail transit on housing prices along the route will help promote the comprehensive development of rail transit and real estate,improve the construction and operation mode of rail transit,and transform the external benefits brought by rail transit into internal benefits.This article focuses on exploring how and to what extent rail transit affects the residential property prices,how this effects changes with the distances from the sites changes,and whether there is a sub-market effect between interior and outside of Shenzhen Special Economic Zone.This article carries out qualitative and quantitative analysis both theoretically and empirically.First,based on the hedonic price theory,location theory,differential rent theory,we have the theoretical analysis,and put forward the corresponding assumptions.Then take the second-hand housing residential area along Shenzhen Metro Line 5 as samples,select the appropriate hedonic price variables to explore and expand the specific application form of hedonic model,introducing nonlinear items of distance variables and build different econometric models.Finally we have regressed the overall market sample,interior market sample,outside market sample respectively.At the same time,Chow test was used to test the rationality of market segmentation.Based on the empirical analysis,our paper concludes that rail transit stations have a significant positive impact on housing prices along the route.For the Shenzhen outside market,the impacting range reached 1.6km,for the Shenzhen interior market,the main impact within the range of 1.2km.With the increase of the distance to the subway station,the influence degree first increases and then decreases,and the value-added effect is largest within the range of 400-800m from the metro station,which reached 8.2%.There is an inverted "U" shape relationship between residential prices and the walking distance from the metro station.For the overall market,the price reaches the maximum at 498m from the subway station.The impact of rail transit on the price of interior and outside market in Shenzhen has obvious sub-market effect,and the range and degree of the impact on the outside market are both greater than that of the interior market.In addition,transfer sites than non-transfer sites on the surrounding residential price premium reached 4.2%.Finally,combining with the conclusion of empirical research,this paper puts forward the related policy recommendations such as comprehensive development of rail transit and real estate,and promoting the balanced development of all regions in a "TOD" mode.