The Reexamination of the Impact of Mass Rapid Transportation on Residential Housing in Metropolitan Taipei
||Chiang, Ying Hui
||The Reexamination of the Impact of Mass Rapid Transportation on Residential Housing in Metropolitan Taipei
||20th Annual European Real Estate Society Conference in Vienna, Austria
||Many previous studies have shown that the Mass Rapid Transportation system has a positive impact on property prices due to its availability. But this impact reduces as distance from the station increases. The pattern of the change between different stations in different locations has not been fully discussed. Additionally, most of the studies usually ignored spatial interdependence among regions. Coupled with the advancement in geographical information system and the proliferation of spatial data, Real estate researchers have demanded advanced spatial analysis tools.This paper collects the data from 11,509 house transactions during 2007to 2008, which are near the Taipei Mass Rapid Transportation system within the radius of 1 km, to examine the impact of Mass Rapid Transportation system on metropolitan housing prices in different locations. We classify locations of the samples into CBD, CBD fringe, and suburbs in the metropolitan area. And then the types of stations are divide into two types, single-line station and multi-line station.This research uses spatial econometrics to estimate a residential housing model that includes cross-region interdependence. The empirical results find the price effect of distance from the MRT station is nonlinear. This effect tends to be stronger at certain distance intervals. The effect of MRT stations between urban and suburban areas is pronounced. The effect tends to get stronger in certain area, the closer the property lies within to the suburbs area the greater the effect is. Also, we find price gaps between different metro station types. Multi-line stations have greater positive effect on residential price.
||Housing prices, Nonlinearity, Mass rapid transportation, Spatial regression
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||Q-4: Real Estate Valuation
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