IDEAS home Printed from https://ideas.repec.org/a/eee/trapol/v51y2016icp174-181.html
   My bibliography  Save this article

Do people value bicycle sharing? A multilevel longitudinal analysis capturing the impact of bicycle sharing on residential sales in Montreal, Canada

Author

Listed:
  • El-Geneidy, Ahmed
  • van Lierop, Dea
  • Wasfi, Rania

Abstract

Many studies have aimed to assess the impacts of major transportation investments, such as freeways expansions and light rail presence on property value. Yet, few studies have attempted to understand the impact of active transportation investments on housing prices. This study attempts to understand the relationship between a new bicycle sharing system and home sale prices in Montreal, Canada. Using multiple sales for units in multifamily housing that are reported in the Multiple Listings Service (MLS) of Montreal between 1996 and 2012 we develop step wise multilevel longitudinal hedonic regression models analyzing this relationship while controlling for various spatial and temporal factors that are known to impact home sales. Our results show that the presence of a bicycle sharing system in a neighborhood with 12 stations serving an 800-meter buffer is expected to increase the property value for units in multifamily housing by approximately 2.7 percent. Policy makers wishing to improve the local urban environment while benefiting from economic gains can work on increasing the availability of bicycle sharing systems as this will likely result in increasing property values, improved neighborhood health, and a more vibrant urban environment.

Suggested Citation

  • El-Geneidy, Ahmed & van Lierop, Dea & Wasfi, Rania, 2016. "Do people value bicycle sharing? A multilevel longitudinal analysis capturing the impact of bicycle sharing on residential sales in Montreal, Canada," Transport Policy, Elsevier, vol. 51(C), pages 174-181.
    • Handle: RePEc:eee:trapol:v:51:y:2016:i:c:p:174-181
    DOI: 10.1016/j.tranpol.2016.01.009
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0967070X16000032
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.tranpol.2016.01.009?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Shaheen, Susan & Guzman, Stacey & Zhang, Hua, 2010. "Bikesharing in Europe, the Americas, and Asia: Past, Present, and Future," Institute of Transportation Studies, Working Paper Series qt79v822k5, Institute of Transportation Studies, UC Davis.
    2. Gabriel Damant-Sirois & Michael Grimsrud & Ahmed El-Geneidy, 2014. "What’s your type: a multidimensional cyclist typology," Transportation, Springer, vol. 41(6), pages 1153-1169, November.
    3. Robert Armstrong & Daniel Rodríguez, 2006. "An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts using Spatial Hedonic Price Functions," Transportation, Springer, vol. 33(1), pages 21-43, January.
    4. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    5. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132-132.
    6. Gary Pivo & Jeffrey D. Fisher, 2011. "The Walkability Premium in Commercial Real Estate Investments," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 39(2), pages 185-219, June.
    7. Shaheen, Susan A & Guzman, Stacey & Zhang, Hua, 2010. "Bikesharing in Europe, the Americas, and Asia: Past, Present and Future," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt6qg8q6ft, Institute of Transportation Studies, UC Berkeley.
    8. Dubé, Jean & Thériault, Marius & Des Rosiers, François, 2013. "Commuter rail accessibility and house values: The case of the Montreal South Shore, Canada, 1992–2009," Transportation Research Part A: Policy and Practice, Elsevier, vol. 54(C), pages 49-66.
    9. Manaugh, Kevin & El-Geneidy, Ahmed, 2012. "What makes travel 'local': Defining and understanding local travel behaviour," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 5(3), pages 15-27.
    10. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
    11. Katherine Kiel & Melissa Boyle, 2001. "A Survey of House Price Hedonic Studies of the Impact of Environmental Externalities," Working Papers 0111, College of the Holy Cross, Department of Economics.
    12. S L Handy & D A Niemeier, 1997. "Measuring Accessibility: An Exploration of Issues and Alternatives," Environment and Planning A, , vol. 29(7), pages 1175-1194, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sangwan Lee, 2022. "An In-Depth Understanding of the Residential Property Value Premium of a Bikesharing Service in Portland, Oregon," Land, MDPI, vol. 11(9), pages 1-16, August.
    2. Rodrigo Mora & Pablo Moran, 2020. "Public Bike Sharing Programs Under the Prism of Urban Planning Officials: The Case of Santiago de Chile," Sustainability, MDPI, vol. 12(14), pages 1-20, July.
    3. Deboosere, Robbin & El-Geneidy, Ahmed M. & Levinson, David, 2018. "Accessibility-oriented development," Journal of Transport Geography, Elsevier, vol. 70(C), pages 11-20.
    4. Li, Han & Wei, Yehua Dennis & Wu, Yangyi, 2019. "Analyzing the private rental housing market in Shanghai with open data," Land Use Policy, Elsevier, vol. 85(C), pages 271-284.
    5. Shr, Yau-Huo (Jimmy) & Yang, Feng-An & Chen, Yi-Syun, 2023. "The housing market impacts of bicycle-sharing systems," Regional Science and Urban Economics, Elsevier, vol. 98(C).
    6. Ugo N. Castañon & Paulo J. G. Ribeiro, 2021. "Bikeability and Emerging Phenomena in Cycling: Exploratory Analysis and Review," Sustainability, MDPI, vol. 13(4), pages 1-21, February.
    7. Julie Bulteau & Thierry Feuillet & Rémy Le Boennec, 2018. "Spatial Heterogeneity of Sustainable Transportation Offer Values: A Comparative Analysis of Nantes Urban and Periurban/Rural Areas (France)," Post-Print halshs-01706911, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cordera, Ruben & Coppola, Pierluigi & dell'Olio, Luigi & Ibeas, Ángel, 2019. "The impact of accessibility by public transport on real estate values: A comparison between the cities of Rome and Santander," Transportation Research Part A: Policy and Practice, Elsevier, vol. 125(C), pages 308-319.
    2. Welch, Timothy F. & Gehrke, Steven R. & Wang, Fangru, 2016. "Long-term impact of network access to bike facilities and public transit stations on housing sales prices in Portland, Oregon," Journal of Transport Geography, Elsevier, vol. 54(C), pages 264-272.
    3. Mitra, Suman K. & Saphores, Jean-Daniel M., 2016. "The value of transportation accessibility in a least developed country city – The case of Rajshahi City, Bangladesh," Transportation Research Part A: Policy and Practice, Elsevier, vol. 89(C), pages 184-200.
    4. Ibeas, Ángel & Cordera, Ruben & dell’Olio, Luigi & Coppola, Pierluigi & Dominguez, Alberto, 2012. "Modelling transport and real-estate values interactions in urban systems," Journal of Transport Geography, Elsevier, vol. 24(C), pages 370-382.
    5. Masha Maslianskaia-Pautrel, 2013. "Hedonic Model with Discrete Consumer Heterogeneity and Horizontal Differentiated Housing," CEEES Paper Series CE3S-03/13, European University at St. Petersburg, Department of Economics.
    6. Olaru, Doina & Mulley, Corinne & Smith, Brett & Ma, Liang, 2017. "Policy-led selection of the most appropriate empirical model to estimate hedonic prices in the residential market," Journal of Transport Geography, Elsevier, vol. 62(C), pages 213-228.
    7. Masha Maslianskaia-Pautrel, 2012. "Hedonic model of segmentation with horizontal differentiated housing," TEPP Working Paper 2012-03, TEPP.
    8. Zhang, Congwen & Boyle, Kevin J., 2010. "The effect of an aquatic invasive species (Eurasian watermilfoil) on lakefront property values," Ecological Economics, Elsevier, vol. 70(2), pages 394-404, December.
    9. Amarin Siripanich & Taha Hossein Rashidi & Emily Moylan, 2019. "Interaction of Public Transport Accessibility and Residential Property Values Using Smart Card Data," Sustainability, MDPI, vol. 11(9), pages 1-24, May.
    10. Brasington, David M. & Hite, Diane, 2005. "Demand for environmental quality: a spatial hedonic analysis," Regional Science and Urban Economics, Elsevier, vol. 35(1), pages 57-82, January.
    11. Dekkers, J. & Koomen, E., 2008. "Valuation of open space: Hedonic house price analyses in the Dutch Randstad region," Serie Research Memoranda 0024, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    12. Oliver Shyr & David Emanuel Andersson & Jamie Wang & Taiwei Huang & Olivia Liu, 2013. "Where Do Home Buyers Pay Most for Relative Transit Accessibility? Hong Kong, Taipei and Kaohsiung Compared," Urban Studies, Urban Studies Journal Limited, vol. 50(12), pages 2553-2568, September.
    13. Yu Ye & Hanting Xie & Jia Fang & Hetao Jiang & De Wang, 2019. "Daily Accessed Street Greenery and Housing Price: Measuring Economic Performance of Human-Scale Streetscapes via New Urban Data," Sustainability, MDPI, vol. 11(6), pages 1-21, March.
    14. Kuethe, Todd H. & Foster, Kenneth A. & Florax, Raymond J.G.M., 2008. "A Spatial Hedonic Model with Time-Varying Parameters: A New Method Using Flexible Least Squares," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6306, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    15. Matthew Gnagey & Therese Grijalva, 2018. "The impact of trails on property values: a spatial analysis," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(1), pages 73-97, January.
    16. Seo, Kihwan & Golub, Aaron & Kuby, Michael, 2014. "Combined impacts of highways and light rail transit on residential property values: a spatial hedonic price model for Phoenix, Arizona," Journal of Transport Geography, Elsevier, vol. 41(C), pages 53-62.
    17. Stefania Tonin & Margherita Turvani, 2011. "Environmental contamination and industrial real estate market: an application of hedonic price method in Italy," ERSA conference papers ersa10p511, European Regional Science Association.
    18. Gao, Qishuo & Shi, Vivien & Pettit, Christopher & Han, Hoon, 2022. "Property valuation using machine learning algorithms on statistical areas in Greater Sydney, Australia," Land Use Policy, Elsevier, vol. 123(C).
    19. Pei-Ing Wu & Yi Chen & Je-Liang Liou, 2021. "Housing property along riverbanks in Taipei, Taiwan: a spatial quantile modelling of landscape benefits and flooding losses," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(2), pages 2404-2438, February.
    20. Eric Koomen & Jasper Dekkers & Mark Koetse & Piet Rietveld & Henk Scholten, 2005. "Valuation of metropolitan open space - presenting the research framework," ERSA conference papers ersa05p599, European Regional Science Association.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:trapol:v:51:y:2016:i:c:p:174-181. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/30473/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.