Impact of railway station on Dutch residential housing market
AbstractIn an efficient market, the levels of house prices reflect the values of value of physical, accessibility and environmental features corresponding to the house. The Dutch residential house market though could not be claimed to work under a perfectly efficient market; the prices can be diagnosed to reflect the value of these features. This paper focuses on the value of railway accessibility feature to the residential houses prices. Stations are treated as transport access points with distance and frequency of train services components and potential places for negative externalities. Applying a cross sectional hedonic price model, we found railway stations as identified by frequency of train service has elasticity of close to 0.3 for house up to a distance of 3 kms. Due to the spatial nature of the data we controlled the spatial effects by regional dummies. Proximity to railway line as differing from proximity to station, explaining the noise effect, has negative effect on prices. At the same time the immediate neighbourhood of the station is affected negatively from externality of the station. Highway accessibility on the other hand shows slightly different effect on house prices, in that peak effects occur at 4-5 km from the highway entry/exit point. All other physical and neighbourhood variables as income level and population composition show expected effect on house prices.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by European Regional Science Association in its series ERSA conference papers with number ersa05p748.
Date of creation: Aug 2005
Date of revision:
Contact details of provider:
Postal: Welthandelsplatz 1, 1020 Vienna, Austria
Web page: http://www.ersa.org
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-02-05 (All new papers)
- NEP-GEO-2006-02-05 (Economic Geography)
- NEP-URE-2006-02-05 (Urban & Real Estate Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Richard Voith, 1991.
"Changing capitalization of CBD-oriented transportation systems: evidence from Philadelphia, 1970-1988,"
91-19, Federal Reserve Bank of Philadelphia.
- Voith Richard, 1993. "Changing Capitalization of CBD-Oriented Transportation Systems: Evidence from Philadelphia, 1970-1988," Journal of Urban Economics, Elsevier, vol. 33(3), pages 361-376, May.
- Richard Voith, 1991. "Transportation, Sorting and House Values," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(2), pages 117-137.
- 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.
- McDonald, John F. & Osuji, Clifford I., 1995. "The effect of anticipated transportation improvement on residential land values," Regional Science and Urban Economics, Elsevier, vol. 25(3), pages 261-278, June.
- 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.
- 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.
- 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.
- 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.
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- Friso de Vor & Henri L.F. de Groot, 0000. "The Impact of Industrial Sites on Residential Property Values," Tinbergen Institute Discussion Papers 09-035/3, Tinbergen Institute.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gunther Maier).
If references are entirely missing, you can add them using this form.