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The Impact of Rail Transport on Real Estate Prices: An Empirical Analysis of the Dutch Housing Market

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Author Info

  • Ghebreegziabiher Debrezion

    ()
    (Department of Spatial Economics, Vrije University Amsterdam, De Boelelaan 1105, Amsterdam, 1081 HV, The Netherlands)

  • Eric Pels

    ()
    (Department of Spatial Economics, Vrije University Amsterdam, De Boelelaan 1105, Amsterdam, 1081 HV, The Netherlands)

  • Piet Rietveld

    ()
    (Faculty of Economics, Vrije University Amsterdam, De Boelelaan 1105, Amsterdam, 1081 HV, The Netherlands)

Abstract

A hedonic pricing model is estimated based on sales data from three metropolitan areas in the Netherlands (Amsterdam, Rotterdam and Enschede) to analyse the effect of railway accessibility on house prices. Railway accessibility is measured by both the distance to a railway station and an index of quality of railway services provided at the station. Two railway station considerations were taken: the nearest railway station and the most frequently chosen railway station. Correcting for a wide range of other determinants, the model based on the most frequently chosen station outperforms the model based on the nearest railway station in estimating the effect of railway accessibility. The dissimilarity between the results of the two models increases with the increase in the urbanisation level of the metropolitan area.

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Bibliographic Info

Article provided by Urban Studies Journal Limited in its journal Urban Studies.

Volume (Year): 48 (2011)
Issue (Month): 5 (April)
Pages: 997-1015

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Handle: RePEc:sae:urbstu:v:48:y:2011:i:5:p:997-1015

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Web page: http://www.gla.ac.uk/departments/urbanstudiesjournal

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References

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  1. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July.
  2. Richard Voith, 1991. "Transportation, Sorting and House Values," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(2), pages 117-137.
  3. Smith, V Kerry & Huang, Ju-Chin, 1995. "Can Markets Value Air Quality? A Meta-analysis of Hedonic Property Value Models," Journal of Political Economy, University of Chicago Press, vol. 103(1), pages 209-27, February.
  4. Landis, John & Guhathakurta, Subhrajit & Huang, William & Zhang, Ming, 1995. "Rail Transit Investments, Real Estate Values, and Land Use Change: A Comparative Analysis of Five California Rail Transit Systems," University of California Transportation Center, Working Papers qt2hf9s9sr, University of California Transportation Center.
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Cited by:
  1. 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.
  2. Gabriel Ahlfeldt & Wolfgang Maennig, 2007. "Impact of Sports Arenas on Land Values: Evidence from Berlin," Working Papers 0703, International Association of Sports Economists & North American Association of Sports Economists.
  3. Dubé, Jean & Legros, Diègo & Thériault, Marius & Des Rosiers, François, 2014. "A spatial Difference-in-Differences estimator to evaluate the effect of change in public mass transit systems on house prices," Transportation Research Part B: Methodological, Elsevier, vol. 64(C), pages 24-40.
  4. Gabriel Ahlfeldt & Wolfgang Maennig, 2008. "Award-Winning Architecture and Urban Revitalization: The Case of “Olympic Arenas” in Berlin-Prenzlauer Berg," Working Papers 0814, International Association of Sports Economists & North American Association of Sports Economists.
  5. Alexandros Deloukas, 2006. "Rail Connected City-Regions: the Significance of Concerted Policies and Alternative Funding Options," ERSA conference papers ersa06p661, European Regional Science Association.
  6. Wenjie Wu, 2012. "Does Public Investment Spur the Land Market?: Evidence from Transport Improvement in Beijing," SERC Discussion Papers 0116, Spatial Economics Research Centre, LSE.
  7. Alicia N. Rambaldi & Cameron S. Fletcher & Kerry Collins & Ryan R.J. McAllister, 2013. "Housing Shadow Prices in an Inundation-prone Suburb," Urban Studies, Urban Studies Journal Limited, vol. 50(9), pages 1889-1905, July.
  8. Karolien De Bruyne & Jan Van Hove, 2013. "Explaining the spatial variation in housing prices: an economic geography approach," Applied Economics, Taylor & Francis Journals, vol. 45(13), pages 1673-1689, May.
  9. Gabriel Ahlfeldt, 2007. "If Alonso Was Right: Accessibility as Determinant for Attractiveness of Urban Location," Working Papers 012, Chair for Economic Policy, University of Hamburg.
  10. Ioulia Ossokina, 2010. "Geographical range of amenity benefits: Hedonic price analysis for railway stations," CPB Discussion Paper 146, CPB Netherlands Bureau for Economic Policy Analysis.

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