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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

    () (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

A hedonic pricing model is estimated to analyse the impact of railways on house prices in terms of distance to railway station, frequency of railway services and distance to the railway line. Correcting for a wide range of other determinants of house prices we find that dwellings very close to a station are on average about 25% more expensive than dwellings at a distance of 15 kilometres or more. A doubling of frequency leads to an increase of house values of about 2.5%, ranging from 3.5% for houses close to the station to 1.3% for houses far away. Finally we find a negative effect of distance to railways, probably due to noise effects. Two railway station references were used in the analysis: the nearest and most frequently chosen station in the post code area. This distinction indicates that railway station accessibility is a more complex concept than one might think. It involves competition between railway stations.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 06-031/3.

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Date of creation: 27 Mar 2006
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Handle: RePEc:dgr:uvatin:20060031

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Keywords: property value; railway station; accessibility; hedonic pricing method;

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References

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  1. Richard Voith, 1991. "Transportation, Sorting and House Values," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(2), pages 117-137.
  2. 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.
  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. 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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Cited by:
  1. 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.
  2. Karolien De Bruyne & Jan Van Hove, 2013. "Explaining the spatial variation in housing prices: an economic geography approach," Applied Economics, Taylor and Francis Journals, vol. 45(13), pages 1673-1689, May.
  3. Gabriel Ahlfeldt & Wolfgang Maennig, 2010. "Impact of sports arenas on land values: evidence from Berlin," The Annals of Regional Science, Springer, vol. 44(2), pages 205-227, April.
  4. Alexandros Deloukas, 2006. "Rail Connected City-Regions: the Significance of Concerted Policies and Alternative Funding Options," ERSA conference papers ersa06p661, European Regional Science Association.
  5. 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.
  6. Alicia Rambaldi & Ryan McAllister & Kerry Collins & Cameron Fletcher, 2011. "Housing shadow prices in an inundation prone suburb," Discussion Papers Series 429, School of Economics, University of Queensland, Australia.
  7. 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.

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