Walking accessibility to bus rapid transit: Does it affect property values? The case of Bogotá, Colombia
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.
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Volume (Year): 17 (2010)
Issue (Month): 2 (March)
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References listed on IDEAS
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- 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.
- Tom�s Serebrisky & AndrÃÂ©s Gómez‐Lobo & Nicol�s Estupi��n & Ramón Muñoz‐Raskin, 2009.
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Taylor & Francis Journals, vol. 29(6), pages 715-739, January.
- Estupinan, Nicolas & Gomez-Lobo, Andres & Munoz-Raskin, Ramon & Serebrisky,Tomas, 2007. "Affordability and subsidies in public urban transport : what do we mean, what can be done?," Policy Research Working Paper Series 4440, The World Bank.
- 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.
- 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.
- Daniel A. Rodr�Guez* * & Felipe Targa, 2003. "Value of accessibility to Bogot�'s bus rapid transit system," Transport Reviews, Taylor & Francis Journals, vol. 24(5), pages 587-610, December.
- 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..
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