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Investigating the Effect of Train Proximity on Apartment Prices: Haifa, Israel as a Case Study

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Author Info

  • Boris A. Portnov

    ()
    (University of Haifa, Mount Carmel)

  • Bella Genkin

    ()
    (University of Haifa, Mount Carmel)

  • Boaz Barzilay

    ()
    (University of Haifa, Mount Carmel)

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    Abstract

    The present study investigates the effect of urban rail on the market prices of residential properties, considering train proximity as both a source of improved access and a local disamenity. For the analysis, 926 housing sales in the city of Haifa, Israel were used. The analysis indicates a relatively narrow buffer zone near train tracks (about 50–100-meters wide) that ‘‘absorbs’’ about 13% of price decline. Beyond this zone, apartment prices rise to their ‘‘peaks’’ at approximately 100–150 meters from the train tracks, and then decline by an average of 0.7% for each additional 100-meter increase in the train line distance.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol31n04/01.371_396.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 31 (2009)
    Issue (Month): 4 ()
    Pages: 371-396

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    Handle: RePEc:jre:issued:v:31:n:4:2009:p:371-396

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2007. "The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 161-180, August.
    2. Su Han Chan & Shin-Hering Michelle Chu & George H. Lentz & Ko Wang, 1998. "Intra-Project Externality and Layout Variables in Residential Condominium Appraisals," Journal of Real Estate Research, American Real Estate Society, vol. 15(2), pages 131-146.
    3. Richard Voith, 1991. "Changing capitalization of CBD-oriented transportation systems: evidence from Philadelphia, 1970-1988," Working Papers 91-19, Federal Reserve Bank of Philadelphia.
    4. Wang, Ko & Grissom, Terry V. & Webb, James R. & Spellman, Lewis, 1991. "The impact of rental properties on the value of single-family residences," Journal of Urban Economics, Elsevier, vol. 30(2), pages 152-166, September.
    5. John D. Benjamin & G. Stacy Sirmans, 1996. "Mass Transportation, Apartment Rent and Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 1-8.
    6. Chengri Ding & Robert Simons & Esmail Baku, 2000. "The Effect of Residential Investment on Nearby Property Values: Evidence from Cleveland, Ohio," Journal of Real Estate Research, American Real Estate Society, vol. 19(1), pages 23-48.
    7. François Des Rosiers & Marius Thériault & Yan Kestens & Paul Villeneuve, 2002. "Landscaping and House Values: An Empirical Investigation," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 139-162.
    8. Paul K. Asabere & Forrest E. Huffman, 1996. "Thoroughfares and Apartment Values," Journal of Real Estate Research, American Real Estate Society, vol. 12(1), pages 9-16.
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