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Influence of Urban Railway Network Centrality on Residential Property Values in Bangkok

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  • Varameth Vichiensan

    (Department of Civil Engineering, Faculty of Engineering, Kasetsart University, Bangkok 10900, Thailand
    Center for Logistics Engineering Technology and Management, Faculty of Engineering, Kasetsart University, Bangkok 10900, Thailand)

  • Vasinee Wasuntarasook

    (Graduate School, Kasetsart University, Bangkok 10900, Thailand)

  • Titipakorn Prakayaphun

    (Department of Constructional Engineering, Graduate School of Engineering, Chubu University, Kasugai 487-8501, Japan)

  • Masanobu Kii

    (Graduate School of Engineering, Osaka University, Osaka 565-0871, Japan)

  • Yoshitsugu Hayashi

    (Center for Sustainable Development and Global Smart City, Chubu University, Kasugai 487-8501, Japan)

Abstract

In recent decades, Bangkok has experienced substantial investments in its urban railway network, resulting in a profound transformation of the city’s landscape. This study examines the relationship between railway development and property value uplift, particularly focusing on network centrality, which is closely linked to urban structure. Our findings are based on two primary analyses: network centrality and spatial hedonic models. The network centrality analysis reveals that closeness centrality underscores the city’s prevailing monocentric structure, while the betweenness centrality measure envisions the potential emergence of urban subcenters. In our hedonic analysis of condominiums near railway stations, we formulated various regression models with different specifications, incorporating spatial effects and network centrality. With Bangkok’s predominant monocentric structure in mind, we found that the spatial regression model, including a spatial error specification and closeness centrality, outperforms the others. This suggests that the impact of railways on property values extends beyond station proximity and encompasses network centrality, intricately linked with the city’s urban structure. We applied our developed model to estimate the expected increase in property values at major interchange stations with high network centralities. These numerical values indicate a considerable potential for their evolution into urban subcenters. These insights offer valuable policy recommendations for effectively harnessing transit-related premiums and shaping the future development of both the railway system and the city.

Suggested Citation

  • Varameth Vichiensan & Vasinee Wasuntarasook & Titipakorn Prakayaphun & Masanobu Kii & Yoshitsugu Hayashi, 2023. "Influence of Urban Railway Network Centrality on Residential Property Values in Bangkok," Sustainability, MDPI, vol. 15(22), pages 1-25, November.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:22:p:16013-:d:1281646
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