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The impact of Seoul's subway Line 5 on residential property values

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  • Bae, Chang-Hee Christine
  • Jun, Myung-Jin
  • Park, Hyeon
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    Abstract

    This research investigates the impact of the construction of a new subway line (Line 5) in Seoul on nearby residential property values. A hedonic pricing model shows that distance from a Line 5 subway station had a statistically significant effect on residential prices only prior to the line's opening. This is consistent with the anticipatory effect observed in other studies. Moreover, accessibility to transit had, in general, less of an impact on house prices than other variables such as the size of the unit, the quality of the school district, proximity to the high-status Kangnam subcenter, and possibly accessibility to recreational resources.

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    Bibliographic Info

    Article provided by Elsevier in its journal Transport Policy.

    Volume (Year): 10 (2003)
    Issue (Month): 2 (April)
    Pages: 85-94

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    Handle: RePEc:eee:trapol:v:10:y:2003:i:2:p:85-94

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    Cited by:
    1. Karen Mayor & Seán Lyons & David Duffy & Richard S. J. Tol, 2012. "A Hedonic Analysis of the Value of Rail Transport in the Greater Dublin Area," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 46(2), pages 239-261, May.
    2. Zhang, Ming & Wang, Lanlan, 2013. "The impacts of mass transit on land development in China: The case of Beijing," Research in Transportation Economics, Elsevier, vol. 40(1), pages 124-133.
    3. Efthymiou, D. & Antoniou, C., 2013. "How do transport infrastructure and policies affect house prices and rents? Evidence from Athens, Greece," Transportation Research Part A: Policy and Practice, Elsevier, vol. 52(C), pages 1-22.
    4. Cervero, Robert & Kang, Chang Deok, 2011. "Bus rapid transit impacts on land uses and land values in Seoul, Korea," Transport Policy, Elsevier, vol. 18(1), pages 102-116, January.
    5. Zhang, Jianhua & Xu, Xiaoming & Hong, Liu & Wang, Shuliang & Fei, Qi, 2011. "Networked analysis of the Shanghai subway network, in China," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 390(23), pages 4562-4570.
    6. Rodríguez, Daniel A. & Mojica, Carlos H., 2009. "Capitalization of BRT network expansions effects into prices of non-expansion areas," Transportation Research Part A: Policy and Practice, Elsevier, vol. 43(5), pages 560-571, June.
    7. Mohammad, Sara I. & Graham, Daniel J. & Melo, Patricia C. & Anderson, Richard J., 2013. "A meta-analysis of the impact of rail projects on land and property values," Transportation Research Part A: Policy and Practice, Elsevier, vol. 50(C), pages 158-170.

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