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The impact of Seoul's subway Line 5 on residential property values

Listed author(s):
  • Bae, Chang-Hee Christine
  • Jun, Myung-Jin
  • Park, Hyeon
Registered author(s):

    This research investigates the impact of the construction of a new subway line (Line 5) in Seoul on nearby residential property values. A hedonic pricing model shows that distance from a Line 5 subway station had a statistically significant effect on residential prices only prior to the line's opening. This is consistent with the anticipatory effect observed in other studies. Moreover, accessibility to transit had, in general, less of an impact on house prices than other variables such as the size of the unit, the quality of the school district, proximity to the high-status Kangnam subcenter, and possibly accessibility to recreational resources.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0967-070X(02)00048-3
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    Article provided by Elsevier in its journal Transport Policy.

    Volume (Year): 10 (2003)
    Issue (Month): 2 (April)
    Pages: 85-94

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    Handle: RePEc:eee:trapol:v:10:y:2003:i:2:p:85-94
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    1. H W Richardson & P Gordon & M-J Jun & E Heikkila & R Peiser & D Dale-Johnson, 1990. "Residential property values, the CBD, and multiple nodes: further analysis," Environment and Planning A, Pion Ltd, London, vol. 22(6), pages 829-833, June.
    2. E Heikkila & P Gordon & J I Kim & R B Peiser & H W Richardson & D Dale-Johnson, 1989. "What happened to the CBD-distance gradient?: land values in a policentric city," Environment and Planning A, Pion Ltd, London, vol. 21(2), pages 221-232, February.
    3. Blanchard, Olivier Jean, 1987. "Vector Autoregressions and Reality: Comment," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(4), pages 449-451, October.
    4. anonymous, 1987. "Comment requested on proposed amendment," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Mar, pages 211-211.
    5. E Heikkila & P Gordon & J I Kim & R B Peiser & H W Richardson & D Dale-Johnson, 1989. "What Happened to the CBD-Distance Gradient?: Land Values in a Policentric City," Environment and Planning A, , vol. 21(2), pages 221-232, February.
    6. 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.
    7. 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.
    8. H W Richardson & P Gordon & M-J Jun & E Heikkila & R Peiser & D Dale-Johnson, 1990. "Residential Property Values, the CBD, and Multiple Nodes: Further Analysis," Environment and Planning A, , vol. 22(6), pages 829-833, June.
    9. Richard Voith, 1991. "Transportation, Sorting and House Values," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(2), pages 117-137.
    10. Vladimir Bajic, 1983. "The Effects of a New Subway Line on Housing Prices in Metropolitan Toronto," Urban Studies, Urban Studies Journal Limited, vol. 20(2), pages 147-158, May.
    11. 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.
    12. Dean H. Gatzlaff & Marc T. Smith, 1993. "The Impact of the Miami Metrorail on the Value of Residences near Station Locations," Land Economics, University of Wisconsin Press, vol. 69(1), pages 54-66.
    13. Jon Strand & Mette Vågnes, 2001. "The relationship between property values and railroad proximity: a study based on hedonic prices and real estate brokers' appraisals," Transportation, Springer, vol. 28(2), pages 137-156, May.
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