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Bus rapid transit impacts on land uses and land values in Seoul, Korea

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  • Cervero, Robert
  • Kang, Chang Deok
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    Abstract

    Bus rapid transit (BRT) has gained popularity as a cost-effective alternative to urban rail investments; however, relatively little is known about its impacts on land-use changes and land values. This paper examines the land-market effects of converting regular bus operations to median-lane bus services in Seoul, Korea, one of the densest, most congested cities in the world. Multilevel models reveal BRT improvements prompted property owners to convert single-family residences to higher density apartments and condominiums. Land price premiums of up to 10% were estimated for residences within 300 m of BRT stops and more than 25% for retail and other non-residential uses over a smaller impact zone of 150 m. The research findings underscore the importance of introducing zoning and other land regulatory changes prior to the initiation of BRT improvements as well as applying value-capture tools to help finance investments and redress inequities.

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    Bibliographic Info

    Article provided by Elsevier in its journal Transport Policy.

    Volume (Year): 18 (2011)
    Issue (Month): 1 (January)
    Pages: 102-116

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    Handle: RePEc:eee:trapol:v:18:y:2011:i:1:p:102-116

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    Related research

    Keywords: Bus rapid transit Land use Capitalization Hedonic price models Multilevel models Land-use planning Value capture;

    References

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    1. Cervero, Robert & Landis, John, 1997. "Twenty years of the Bay Area Rapid Transit system: Land use and development impacts," Transportation Research Part A: Policy and Practice, Elsevier, Elsevier, vol. 31(4), pages 309-333, July.
    2. Dean H. Gatzlaff & Marc T. Smith, 1993. "The Impact of the Miami Metrorail on the Value of Residences near Station Locations," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 69(1), pages 54-66.
    3. Richard Voith, 1991. "Changing capitalization of CBD-oriented transportation systems: evidence from Philadelphia, 1970-1988," Working Papers, Federal Reserve Bank of Philadelphia 91-19, Federal Reserve Bank of Philadelphia.
    4. Timothy J. Bartik, 2008. "Measuring the Benefits of Amenity Improvements in Hedonic Price Models," Book chapters authored by Upjohn Institute researchers, W.E. Upjohn Institute for Employment Research, in: Richard E. Just & Darrell L. Hueth & Andrew Schmitz (ed.), Applied Welfare Economics, pages 643-654 W.E. Upjohn Institute for Employment Research.
    5. Daniel P. McMillen & John McDonald, 2004. "Reaction of House Prices to a New Rapid Transit Line: Chicago's Midway Line, 1983-1999," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 32(3), pages 463-486, 09.
    6. Bae, Chang-Hee Christine & Jun, Myung-Jin & Park, Hyeon, 2003. "The impact of Seoul's subway Line 5 on residential property values," Transport Policy, Elsevier, Elsevier, vol. 10(2), pages 85-94, April.
    7. Estupiñán, Nicolás & Rodri­guez, Daniel A., 2008. "The relationship between urban form and station boardings for Bogotá's BRT," Transportation Research Part A: Policy and Practice, Elsevier, Elsevier, vol. 42(2), pages 296-306, February.
    8. Bin Zhou & Kara Kockelman, 2008. "Neighborhood impacts on land use change: a multinomial logit model of spatial relationships," The Annals of Regional Science, Springer, Springer, vol. 42(2), pages 321-340, June.
    9. Boarnet, Marlon G & Chalermpong, Saksith, 2003. "New Highways, House Prices, and Urban Development: A Case Study of Toll Roads in Orange County, CA," University of California Transportation Center, Working Papers qt2zd554cs, University of California Transportation Center.
    10. Patricio E. Pérez & Francisco J. Martínez & Juan de Dios Ort�zar, 2003. "Microeconomic Formulation and Estimation of a Residential Location Choice Model: Implications for the Value of Time," Journal of Regional Science, Wiley Blackwell, Wiley Blackwell, vol. 43(4), pages 771-789.
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    Cited by:
    1. Guerra, Erick Strom, 2013. "The New Suburbs: Evolving travel behavior, the built environment, and subway investments in Mexico City," University of California Transportation Center, Working Papers qt88t7k9p5, University of California Transportation Center.
    2. 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.
    3. Guerra, Erick & Cervero, Robert & Tischler, Daniel, 2011. "The Half-Mile Circle: Does It Represent Transit Station Catchments?," University of California Transportation Center, Working Papers qt0d84c2f4, University of California Transportation Center.
    4. Guerra, Erick & Cervero, Robert & Tischler, Daniel, 2011. "The Half-Mile Circle: Does It Best Represent Transit Station Catchments?," University of California Transportation Center, Working Papers qt68r764df, University of California Transportation Center.

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