The Spatial And Temporal Effects Of Urban Renewal On The Real Estate Market

Urban renewal,as an important development strategy of major cities in China's urbanization transformation and development period,has become an important starting point to release the vitality of urban development and promote the "double repair of cities".It plays an important role in tapping the potential of stock land,optimizing the expansion of urban space,improving the living environment,and improving the value of urban livability.It is precisely because of these effects that urban renewal has an important impact on the urban real estate market.By revealing the effect of urban renewal on the spatial and temporal heterogeneity of the real estate market,this paper helps the government to scientifically manage and plan urban renewal,and grasp the essence and characteristics of urban renewal and its potential impact on the real estate market.Based on the literature review and theoretical review,this paper introduces the difference-in-difference method to construct the difference-in-difference model(DID)of the impact of urban renewal on the real estate market in Hangzhou,taking the land market and the residential market as examples,from the two dimensions of time and space.Explore the heterogeneity impact of urban renewal on real estate prices.The time effect aspect explores the different effects of urban renewal on land and housing prices at different stages of project announcement,construction,and basic construction;In terms of spatial effects,explore the effect of urban renewal on the heterogeneity of land and housing prices in different locations.The study has four main conclusions:(1)The effect of urban renewal on real estate prices is different at different stages.The announcement and construction of urban renewal projects respectively increase the land price by 19.7% and 26.2%,and the construction and basic construction of urban renewal project respectively boosted the residential price by 28.6% and 32%;(2)The impact of urban renewal on land price and residential price was significantly different in space.First,the premium of urban renewal in suburban areas is higher than the premium in urban areas.Second,the influence of urban renewal on different spatial areas in the updated area is heterogeneous.(3)The difference-in-difference model(DID)has a good application value in the study of the spatial and temporal effects of urban renewal on the real estate market;(4)When formulating management strategies and policies,the government should consider the Spatial-temporal effects of urban renewal on the real estate market,promote urban renewal and real estate integration development,and capture land value-added income and recover urban renewal costs by managing land price levels,and promote sustainable urban renewal and development.