A Spatio-Temporal Effects Of Rail Transit Network On Residential Property Values

Urban rail transit has become a major way of access for urban residents because of its convenience,low pollution,and high efficiency.It has improved the accessibility of various regions of the city and provided great convenience for residents’ lives,work,and other activities.The effect of the subway on the prices of its surrounding houses and how to use the subway to guide the development of the urban structure is a concern for government departments,developers,and home buyers.Therefore,in the context of rapid urbanization and economic and social transformation,Chinese urban empirical cases are of great significance for better understanding and understanding of this issue.Based on the literature review and theoretical analysis,this study collected data on residential transaction prices for 1,772 residential quarters in Hangzhou during 2015-2016,and the total effective sample size was 27,370.To establish an econometric model of the overall market and sub-markets and use GIS spatial analysis techniques to focus on the spatial-temporal effects of urban rail transit on housing prices within different thresholds of its periphery.The following conclusions are drawn:(1)The scope of impact of rail transit on surrounding real estate prices is different in different construction periods.The maximum range of influence of subways during the construction period is 1.5 km radius,and the impact scope during the operation period and planning period is 1 km.The radius area;(2)The influence of rail transit on the surrounding real estate prices is also different in different areas and construction periods.As the distance to the station increases,the value-added effect tends to decrease.The rail transit in the construction period is opposite to the housing.The premium rate is the highest;(3)The impact of rail transit on house prices in different submarkets is different.The scope and value-added effects of rail transit in suburban and suburban areas are more significant than those in the central area;(4)Expectations The effect gradually increases with the approach of rail transit construction and operation.The innovation of this paper is to use the rail transit network lines in different states under the same time period to study the space-time impact of rail transit on surrounding housing prices based on the whole life cycle(planning,construction,and operation).