This research investigated the capitalization effects of proximity to rail transit and bus rapid transit (BRT) in fast-growing Beijing. Few related studies have been conducted for Chinese cities because the real estate market has only recently been established. Data were collected on apartment homes sold in the Beijing metropolitan area during 2011, and hedonic price modeling was employed to gauge the price premiums or discounts associated with proximity to transit stations. Overall, the authors identified an average price premium of around 5% for properties near rail transit stations, but no statistically significant effects were detected at BRT station areas. Moreover, the authors found that station proximity effects increased both in magnitude and spatial extent at stations located farther from the city center and those surrounded by low- and middle-income neighborhoods. For example, the price premium was as high as 10% in some suburban and low-income areas. The conclusion drawn was that rail transit investment was an effective strategy for Beijing to reshape its urban spatial structure, and local governments in China might consider a rail and property development model as a financing solution for rail transit investment. This study contributes to the evidence of capitalization effects of public transit from a booming and transitional economy.
Capitalization Effects of Rail Transit and Bus Rapid Transit on Residential Property Values in a Booming Economy
Evidence from Beijing
Transportation Research Record: Journal of the Transportation Research Board
Transportation Research Record: Journal of the Transportation Research Board ; 2451 , 1 ; 139-148
01.01.2014
Aufsatz (Zeitschrift)
Elektronische Ressource
Englisch
Effects of Rail Transit on Residential Property Values
Transportation Research Record | 2014
|Impactsof Rail Transit On Property Values
British Library Conference Proceedings | 1999
|Impact of Transit-Oriented Development on Residential Property Values around Urban Rail Stations
Transportation Research Record | 2020
|Residential Property Values and New Jersey Transit Village Program
Transportation Research Record | 2012
|