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Walking accessibility to bus rapid transit: Does it affect property values? The case of Bogotá, Colombia


  • Munoz-Raskin, Ramon


This research sheds light on the relation of bus rapid transit and residential property values within walking distance to the system. The case study was Bogotá's Transmilenio (Colombia). This research conducted a city-wide econometric hedonic analysis with 2000 to 2004 Department of Housing Control data across different walking distances, subsystems (trunk, feeder), socio-economic strata and time. The main results showed that, with respect to the value of properties in relation to proximity, the housing market places value premiums on the properties in the immediate walking proximity of feeder lines. The analysis by socio-economic strata showed that middle-income properties were valued more if they fell closer to the system, while there were opposite results for low-income housing. Finally, analysis across time reflects slight average annual increases in property values correlated with the implementation of the system in two specific areas analyzed. Throughout the paper, the author acknowledges some of the challenges of using hedonic modeling for property value impact assessments and emphasizes that the interpretation of the results are case specific.

Suggested Citation

  • Munoz-Raskin, Ramon, 2010. "Walking accessibility to bus rapid transit: Does it affect property values? The case of Bogotá, Colombia," Transport Policy, Elsevier, vol. 17(2), pages 72-84, March.
  • Handle: RePEc:eee:trapol:v:17:y:2010:i:2:p:72-84

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    References listed on IDEAS

    1. Tomás Serebrisky & Andrés Gómez‐Lobo & Nicolás Estupiñán & Ramón Muñoz‐Raskin, 2009. "Affordability and Subsidies in Public Urban Transport: What Do We Mean, What Can Be Done?," Transport Reviews, Taylor & Francis Journals, vol. 29(6), pages 715-739, January.
    2. Edward L. Glaeser & Matthew E. Kahn & Jordan Rappaport, 2000. "Why Do The Poor Live In Cities?," Harvard Institute of Economic Research Working Papers 1891, Harvard - Institute of Economic Research.
    3. 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..
    4. Loukaitou-Sideris, Anastasia & Liggett, Robert & Hiseki, Hiroyuki, 2002. "The Geography of Transit Crime: Documentation and Evaluation of Crime Incidence on and around the Green Line Stations in Los Angeles," University of California Transportation Center, Working Papers qt6631x3cc, University of California Transportation Center.
    5. Daniel A. Rodríguez* * & Felipe Targa, 2003. "Value of accessibility to Bogotá's bus rapid transit system," Transport Reviews, Taylor & Francis Journals, vol. 24(5), pages 587-610, December.
    6. 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. repec:eee:reensy:v:158:y:2017:i:c:p:58-72 is not listed on IDEAS
    2. Rodriguez, Daniel A. & Vergel-Tovar, Erik & Camargo, William F., 2016. "Land development impacts of BRT in a sample of stops in Quito and Bogotá," Transport Policy, Elsevier, vol. 51(C), pages 4-14.
    3. Viguie, V. & Hallegatte, S., 2014. "Urban infrastructure investment and rent-capture potentials," Policy Research Working Paper Series 7067, The World Bank.
    4. repec:eee:retrec:v:60:y:2016:i:c:p:54-61 is not listed on IDEAS
    5. Vincent Viguie & Stéphane Hallegatte, 2015. "Urban Infrastructure Investment and Rent-Capture Potentials," Working Papers hal-01136199, HAL.
    6. 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.
    7. Deng, Taotao & Nelson, John D., 2013. "Bus Rapid Transit implementation in Beijing: An evaluation of performance and impacts," Research in Transportation Economics, Elsevier, vol. 39(1), pages 108-113.
    8. Delmelle, Elizabeth Cahill & Casas, Irene, 2012. "Evaluating the spatial equity of bus rapid transit-based accessibility patterns in a developing country: The case of Cali, Colombia," Transport Policy, Elsevier, vol. 20(C), pages 36-46.
    9. Mulley, Corinne & Tsai, Chi-Hong (Patrick), 2016. "When and how much does new transport infrastructure add to property values? Evidence from the bus rapid transit system in Sydney, Australia," Transport Policy, Elsevier, vol. 51(C), pages 15-23.
    10. repec:gam:jsusta:v:10:y:2018:i:1:p:197-:d:127058 is not listed on IDEAS
    11. Lindau, Luis Antonio & Hidalgo, Dario & de Almeida Lobo, Adriana, 2014. "Barriers to planning and implementing Bus Rapid Transit systems," Research in Transportation Economics, Elsevier, vol. 48(C), pages 9-15.
    12. Efthymiou, D. & Antoniou, C., 2013. "How do transport infrastructure and policies affect house prices and rents? Evidence from Athens, Greece," Transportation Research Part A: Policy and Practice, Elsevier, vol. 52(C), pages 1-22.
    13. Jin Han Park & Dong Kun Lee & Chan Park & Ho Gul Kim & Tae Yong Jung & Songyi Kim, 2017. "Park Accessibility Impacts Housing Prices in Seoul," Sustainability, MDPI, Open Access Journal, vol. 9(2), pages 1-14, January.
    14. Cervero, Robert & Dai, Danielle, 2014. "BRT TOD: Leveraging transit oriented development with bus rapid transit investments," Transport Policy, Elsevier, vol. 36(C), pages 127-138.
    15. Bocarejo, Juan Pablo & Portilla, Ingrid & Pérez, Maria Angélica, 2013. "Impact of Transmilenio on density, land use, and land value in Bogotá," Research in Transportation Economics, Elsevier, vol. 40(1), pages 78-86.


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