The Impacts of Rail Transit on Property Values and Land Development Intensity: The Case of No.13 Line in Beijing
Received date: 2009-05-31
Revised date: 2009-12-10
Online published: 2010-02-25
Supported by
National Natural Science Foundation of China, No.70973065
Theoretical analysis shows that the effect of rail transit on housing price is greater in suburbs than that in the central area. Empirical results validate this point by using the hedonic pricing method and housing transaction data nearby No.13 rail line in Beijing. In suburban areas, the housing prices within 1 km of rail stations are nearly 20% higher than those beyond that distance. However, with the development of surrounding urban transportation networks, the impact of rail transit is declining. Also, rail transit has significant impacts on urban land development intensity. The operation of No.13 Line encourages the land development in the north suburbs of Beijing, and raises the land development intensity around the stations. The FAR of new housing projects decreases by 1.0 every 3.3 km further away from the stations in suburban areas. These empirical results have important policy implications for the TOD strategy, the cost-benefit analysis and value capture strategy of rail transit construction in Chinese cities.
GU Yizhen; ZHENG Siqi . The Impacts of Rail Transit on Property Values and Land Development Intensity: The Case of No.13 Line in Beijing[J]. Acta Geographica Sinica, 2010 , 65(2) : 213 -223 . DOI: 10.11821/xb201002008
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