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Research on the Sustainable Development of Urban Housing Price Based on Transport Accessibility: A Case Study of Xi’an, China

Author

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  • Chao Xue

    (School of Electronic and Control Engineering, Chang’an University, Xi’an 710064, China)

  • Yongfeng Ju

    (School of Electronic and Control Engineering, Chang’an University, Xi’an 710064, China)

  • Shuguang Li

    (School of Electronic and Control Engineering, Chang’an University, Xi’an 710064, China)

  • Qilong Zhou

    (School of Electronic and Control Engineering, Chang’an University, Xi’an 710064, China)

Abstract

The development of a real estate economy is beneficial to urban stability. A method of real estate price prediction based on transport accessibility is proposed. The method adds bus accessibility and metro accessibility into the model, which has higher prediction accuracy than the traditional model. Firstly, bus accessibility and metro accessibility are calculated according to the space syntax theory. Then, four models, the traditional hedonic price model (HPM) with transport accessibility, the traditional hedonic price model without transport accessibility, the random forest (RF) model with transport accessibility, and the random forest model without transport accessibility, are introduced. Finally, the four models are compared and analyzed in terms of precision and importance of index contributions. Taking Xi ’an, China, as an example, the experimental results show that the transport accessibility calculated based on space syntax can accurately represent the transport convenience in an urban space structure. Furthermore, it has a great influence on the contribution of indexes in the model. With the introduction of bus accessibility and metro accessibility, the accuracy of the real estate price prediction model is greatly improved.

Suggested Citation

  • Chao Xue & Yongfeng Ju & Shuguang Li & Qilong Zhou, 2020. "Research on the Sustainable Development of Urban Housing Price Based on Transport Accessibility: A Case Study of Xi’an, China," Sustainability, MDPI, vol. 12(4), pages 1-15, February.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:4:p:1497-:d:321664
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    References listed on IDEAS

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    Cited by:

    1. Yunjong Kim & Seungwoo Choi & Mun Yong Yi, 2020. "Applying Comparable Sales Method to the Automated Estimation of Real Estate Prices," Sustainability, MDPI, vol. 12(14), pages 1-19, July.
    2. Jin, Tanhua & Cheng, Long & Liu, Zhicheng & Cao, Jun & Huang, Haosheng & Witlox, Frank, 2022. "Nonlinear public transit accessibility effects on housing prices: Heterogeneity across price segments," Transport Policy, Elsevier, vol. 117(C), pages 48-59.
    3. Wun-Jheng Wu & Pei-Ing Wu & Je-Liang Liou, 2021. "Boon or Bane: Effect of Adjacent YIMBY or NIMBY Facilities on the Benefit Evaluation of Open Spaces or Cropland," Sustainability, MDPI, vol. 13(7), pages 1-20, April.
    4. Seungwoo Choi & Mun Yong Yi, 2021. "Computational Valuation Model of Housing Price Using Pseudo Self Comparison Method," Sustainability, MDPI, vol. 13(20), pages 1-22, October.
    5. Cankun Wei & Meichen Fu & Li Wang & Hanbing Yang & Feng Tang & Yuqing Xiong, 2022. "The Research Development of Hedonic Price Model-Based Real Estate Appraisal in the Era of Big Data," Land, MDPI, vol. 11(3), pages 1-30, February.
    6. Qianqian Gong & Jiaming Li & Lingzhi Wu & Miner Zhu & Maoyu Luo & Jingyi Sun & Wenqing Fu & Renfeng Ma & Xianjun Liang, 2023. "Exploring Accessibility and Its Impact in the Mountain City: A Typical Case Study of Nyingchi City, Tibet Autonomous Region, China," Land, MDPI, vol. 12(2), pages 1-20, January.
    7. Qingchun Liu & Peixiong Zhao & Yan Xiao & Xin Zhou & Jun Yang, 2022. "Walking Accessibility to the Bus Stop: Does It Affect Residential Rents? The Case of Jinan, China," Land, MDPI, vol. 11(6), pages 1-17, June.
    8. Stanislav Endel & Marek Teichmann & Dagmar Kutá, 2020. "Possibilities of House Valuation Automation in the Czech Republic," Sustainability, MDPI, vol. 12(18), pages 1-13, September.

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