Investigating the Effect of Train Proximity on Apartment Prices: Haifa, Israel as a Case Study
AbstractThe 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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Bibliographic InfoArticle provided by American Real Estate Society in its journal journal of Real Estate Research.
Volume (Year): 31 (2009)
Issue (Month): 4 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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