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Impact of railway station on Dutch residential housing market

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Author Info
Ghebreegziabiher Debrezion ()
Eric Pels ()
Piet Rietveld ()

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Abstract

In 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.

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Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa05p748.

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Date of creation: Aug 2005
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Handle: RePEc:wiw:wiwrsa:ersa05p748

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  1. 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.. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
  3. 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. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. 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. [Downloadable!]
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