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Walking accessibility to bus rapid transit: Does it affect property values? The case of Bogotá, Colombia

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  • Munoz-Raskin, Ramon
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    Abstract

    This research sheds light on the relation of bus rapid transit and residential property values within walking distance to the system. The case study was Bogotá's Transmilenio (Colombia). This research conducted a city-wide econometric hedonic analysis with 2000 to 2004 Department of Housing Control data across different walking distances, subsystems (trunk, feeder), socio-economic strata and time. The main results showed that, with respect to the value of properties in relation to proximity, the housing market places value premiums on the properties in the immediate walking proximity of feeder lines. The analysis by socio-economic strata showed that middle-income properties were valued more if they fell closer to the system, while there were opposite results for low-income housing. Finally, analysis across time reflects slight average annual increases in property values correlated with the implementation of the system in two specific areas analyzed. Throughout the paper, the author acknowledges some of the challenges of using hedonic modeling for property value impact assessments and emphasizes that the interpretation of the results are case specific.

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    Bibliographic Info

    Article provided by Elsevier in its journal Transport Policy.

    Volume (Year): 17 (2010)
    Issue (Month): 2 (March)
    Pages: 72-84

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    Handle: RePEc:eee:trapol:v:17:y:2010:i:2:p:72-84

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    Related research

    Keywords: Bus rapid transit Accessibility Property values Developing countries Hedonic model Socioeconomic strata Transmilenio;

    References

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    1. Daniel A. Rodr�Guez* * & Felipe Targa, 2003. "Value of accessibility to Bogot�'s bus rapid transit system," Transport Reviews, Taylor & Francis Journals, Taylor & Francis Journals, vol. 24(5), pages 587-610, December.
    2. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    3. Tom�s Serebrisky & Andrés Gómez‐Lobo & Nicol�s Estupi��n & Ramón Muñoz‐Raskin, 2009. "Affordability and Subsidies in Public Urban Transport: What Do We Mean, What Can Be Done?," Transport Reviews, Taylor & Francis Journals, Taylor & Francis Journals, vol. 29(6), pages 715-739, January.
    4. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July.
    5. Edward L. Glaeser & Matthew E. Kahn & Jordan Rappaport, 2000. "Why Do The Poor Live In Cities?," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1891, Harvard - Institute of Economic Research.
    6. Loukaitou-Sideris, Anastasia & Liggett, Robert & Hiseki, Hiroyuki, 2002. "The Geography of Transit Crime: Documentation and Evaluation of Crime Incidence on and around the Green Line Stations in Los Angeles," University of California Transportation Center, Working Papers qt6631x3cc, University of California Transportation Center.
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    Cited by:
    1. Bocarejo, Juan Pablo & Portilla, Ingrid & Pérez, Maria Angélica, 2013. "Impact of Transmilenio on density, land use, and land value in Bogotá," Research in Transportation Economics, Elsevier, Elsevier, vol. 40(1), pages 78-86.
    2. 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, Elsevier, vol. 52(C), pages 1-22.
    3. Deng, Taotao & Nelson, John D., 2013. "Bus Rapid Transit implementation in Beijing: An evaluation of performance and impacts," Research in Transportation Economics, Elsevier, Elsevier, vol. 39(1), pages 108-113.

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