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The Impact of Railway Stations on Residential and Commercial Property Value: a Meta Analysis

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Author Info

  • Ghebreegziabiher Debrezion

    ()
    (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

  • Eric Pels

    (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

  • Piet Rietveld

    ()
    (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

Abstract

Property values are affected by the properties’ physical, accessibility and environmental features. Railway stations function as nodes in transport networks and places in an urban environment. They have accessibility and environmental impacts, which contribute to property value. The literature on the effects of railway stations on property value is mixed in its finding in respect to impact magnitude and direction, ranging from a negative to an insignificant or a positive impact. This paper attempts to explain the variation in the findings by meta-analytical procedures. Generally the variations are attributed to the nature of data, particular spatial characteristics, temporal effects and methodology. The data can vary in relation to the type of property under study. Some indication is found to support the assertion that commercial properties enjoy a higher positive impact compared to residential properties. Commuter railway stations have a consistently higher positive impact on the property value compared to light and heavy railway/Metro stations. The inclusion of other accessibility variables (such as highways) in the models reduces the level of reported railway station impact. However this effect becomes insignificant for properties within a quarter-mile of the station, leaving the railway station as a major accessibility point. Our analysis did not find a significant effect of spatial and temporal factors.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 04-023/3.

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Date of creation: 23 Feb 2004
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Handle: RePEc:dgr:uvatin:20040023

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Web page: http://www.tinbergen.nl

Related research

Keywords: property value; railway station; accessibility; light railways; heavy railway/ Metro; commuter railway; meta-analysis;

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  1. Bollinger, Christopher R. & Ihlanfeldt, Keith R., 1997. "The Impact of Rapid Rail Transit on Economic Development: The Case of Atlanta's MARTA," Journal of Urban Economics, Elsevier, vol. 42(2), pages 179-204, September.
  2. Richard Voith, 1991. "Transportation, Sorting and House Values," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 19(2), pages 117-137.
  3. McDonald, John F. & Osuji, Clifford I., 1995. "The effect of anticipated transportation improvement on residential land values," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 25(3), pages 261-278, June.
  4. Dewees, D. N., 1976. "The effect of a subway on residential property values in Toronto," Journal of Urban Economics, Elsevier, vol. 3(4), pages 357-369, October.
  5. 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.
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