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A meta-analysis of the impact of rail projects on land and property values

Author

Listed:
  • Mohammad, Sara I.
  • Graham, Daniel J.
  • Melo, Patricia C.
  • Anderson, Richard J.

Abstract

The literature on land and property values demonstrates a great deal of variability in the estimated change in values arising from rail investments. This paper conducts a meta-analysis on empirical estimates from 23 studies (102 observations) that analysed the impact of rail on land/property value changes. Variation in the estimated impacts is calculated and discussed in relation to key dimensions of study-design characteristics. The results show that a number of factors produce significant variations in the estimates. These include the type of land use, the type of rail service, the rail system life cycle maturity, the distance to stations, the geographical location, accessibility to roads, methodological characteristics, as well as whether the impacted area is land or property. On the other hand, we observe that changes in purchase price and rent values due to rail projects are statistically similar to each other, that there is no evidence of change in values over time nor due to the location of land/property within the city, and that including property characteristics and neighbourhood type in the estimation model do not change values significantly. Publication bias tests are also performed and show that although researchers tend to report both positive and negative results, they tend to be biased towards statistically significant estimates.

Suggested Citation

  • Mohammad, Sara I. & Graham, Daniel J. & Melo, Patricia C. & Anderson, Richard J., 2013. "A meta-analysis of the impact of rail projects on land and property values," Transportation Research Part A: Policy and Practice, Elsevier, vol. 50(C), pages 158-170.
  • Handle: RePEc:eee:transa:v:50:y:2013:i:c:p:158-170
    DOI: 10.1016/j.tra.2013.01.013
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    References listed on IDEAS

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    Cited by:

    1. Xu, Tao & Zhang, Ming, 2016. "Tailoring empirical research on transit access premiums for planning applications," Transport Policy, Elsevier, vol. 51(C), pages 49-60.
    2. repec:eee:regeco:v:69:y:2018:i:c:p:1-10 is not listed on IDEAS
    3. Stanley, John & Levinson, David, 2016. "Workshop 3 report: Sustainable funding sources and related cost benefit measurements," Research in Transportation Economics, Elsevier, vol. 59(C), pages 143-150.
    4. repec:eee:jotrge:v:66:y:2018:i:c:p:200-212 is not listed on IDEAS
    5. repec:eee:trapol:v:57:y:2017:i:c:p:59-67 is not listed on IDEAS
    6. Zheng, Siqi & Hu, Xiaoke & Wang, Jianghao & Wang, Rui, 2016. "Subways near the subway: Rail transit and neighborhood catering businesses in Beijing," Transport Policy, Elsevier, vol. 51(C), pages 81-92.
    7. Yang, Jiawen & Quan, Jige & Yan, Bin & He, Canfei, 2016. "Urban rail investment and transit-oriented development in Beijing: Can it reach a higher potential?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 89(C), pages 140-150.
    8. repec:eee:jotrge:v:66:y:2018:i:c:p:167-179 is not listed on IDEAS
    9. repec:eee:transa:v:100:y:2017:i:c:p:348-365 is not listed on IDEAS
    10. Mitra, Suman K. & Saphores, Jean-Daniel M., 2016. "The value of transportation accessibility in a least developed country city – The case of Rajshahi City, Bangladesh," Transportation Research Part A: Policy and Practice, Elsevier, vol. 89(C), pages 184-200.
    11. 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.
    12. Gjestland, Arnstein & McArthur, David Philip & Osland, Liv & Thorsen, Inge, 2014. "The suitability of hedonic models for cost-benefit analysis: Evidence from commuting flows," Transportation Research Part A: Policy and Practice, Elsevier, vol. 61(C), pages 136-151.
    13. McIntosh, James & Trubka, Roman & Newman, Peter, 2014. "Can value capture work in a car dependent city? Willingness to pay for transit access in Perth, Western Australia," Transportation Research Part A: Policy and Practice, Elsevier, vol. 67(C), pages 320-339.
    14. Xu, Tao & Zhang, Ming & Aditjandra, Paulus T., 2016. "The impact of urban rail transit on commercial property value: New evidence from Wuhan, China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 91(C), pages 223-235.
    15. repec:eee:transa:v:110:y:2018:i:c:p:73-87 is not listed on IDEAS
    16. repec:eee:regeco:v:65:y:2017:i:c:p:25-37 is not listed on IDEAS
    17. Andersson, Matts & Dehlin, Fredrik & Jörgensen, Peter & Pädam, Sirje, 2015. "Wider economic impacts of accessibility: a literature survey," Working papers in Transport Economics 2015:14, CTS - Centre for Transport Studies Stockholm (KTH and VTI).
    18. repec:gam:jsusta:v:10:y:2018:i:7:p:2254-:d:155400 is not listed on IDEAS
    19. 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.
    20. repec:eee:retrec:v:60:y:2016:i:c:p:35-43 is not listed on IDEAS
    21. Zhong, Haotian & Li, Wei, 2016. "Rail transit investment and property values: An old tale retold," Transport Policy, Elsevier, vol. 51(C), pages 33-48.

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