Research On The Influences Of Metro On Housing Price Based On DID Method

Traffic and housing are two basic livelihood issues.While alleviating traffic congestion,the construction of urban metro in China has produced obvious external effects on the housing around the station,which intensifies the problem of "high housing prices".Quantitative analysis of the impact of Metro on the surrounding housing prices can provide theoretical guidance and decision support for the government to guide residents' housing demand reasonably,to improve the overall planning,to scientifically collect and transfer land and to finance Metro projects,and to contribute to the batch evaluation of the influencing factors of housing prices and the future housing tax policy.Based on the housing price data of 35 large and medium-sized cities in China from 2004 to 2017,this paper uses the double difference model to make a detailed policy assessment of the impact of the opening of the subway on the average urban housing price.Meanwhile,this "subway fever" which began in 2004 has been deeply reflected from the perspective of macro-control of housing prices.Empirical research finds that the contribution rate of Metro opening to the rise of urban commodity house prices is about 5.06%,among which the most important is the impact on second-and third-tier cities and commercial buildings.According to the plan of 6,000 kilometers of rail transit in 2025,house prices will rise by 10.23% because only the subway is opened.Scenario simulation results show that 31 large and medium-sized urban households will have to work 1.37 years more to buy houses in 2025,and the housing burden will increase by nearly a quarter.From the point of view of Stabilizing House price,this paper considers that the opening of Metro in the second and third line cities should raise the threshold and strictly control.At the same time,from the micro point of view,taking the No.1 line of Nanchang Metro as an example,this paper examines the impact of Metro on house price.The conclusions of this paper are as follows:(1)Metro has network effect,and the number of metro lines and the cumulative length of Metro play a similar role in raising house prices.(2)Specifically for different types of housing,the contribution of Metro opening to housing,villas,high-end apartments,office buildings and commercial housing prices varies.Generally speaking,the impact on the price of commercial buildings is greater than the impact on the price of residential buildings,and the impact on ordinary residential buildings is greater than the impact on villas and high-end apartments.(3)Reasonable distribution of real estate projects in competition for the surrounding land of Metro stations,development enterprises should fully take into account the impact of Metro factors.Through the study of the impact of Metro on housing prices,the conclusion shows that location and environment factors are the most important factors in the evaluation of real estate value.The improvement of location and environment factors indirectly contributes to the rise of housing prices.Therefore,when assessing the value of real estate,we should fully consider the location factor of whether the metro is open around the real estate.