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The Impact of Urban Rail Transit on Surrounding Residential Prices--Line 1 of Chengdu Metro as an Example

Author

Listed:
  • Xin Wei
  • Wei Zhang
  • Cheng Wang
  • Guang Xu

Abstract

This article aims to build a hedonic price model of the research region by making a summary of relevant research in this field, and taking the running Line 1 of Chengdu Metro as an example. To be specific, the research discusses the influence of Line 1 of Chengdu Metro on surrounding residential prices taking samples of the estates within 2 km of Line 1 within a spatiotemporal perspective. The results shows that- after the operation of Line 1 (from July in 2010 to June in 2011), the growth rate of the residential prices has been increased by 5.89%, 9.44%, 12.45% and 11.03% from 1st ring to the third ring respectively, reaching at an average rising rate of 9.51%. Besides, the residential prices far away from the downtown area were more likely to be found ahead than those around the city center and represented a far more sensitivity to the metro operation. By quantitative calculating, it finds that- regions that are closer to subway stations per meter from 1st ring to the third, the residential prices increased 0.91 Yuan/m2, 1.16 Yuan/m2 and 1.21 Yuan/m2, respectively. At the same time, Line 1 of Chengdu Metro has been increased a total number of 7.814 billion Yuan up to now of surrounding residential value.

Suggested Citation

  • Xin Wei & Wei Zhang & Cheng Wang & Guang Xu, 2012. "The Impact of Urban Rail Transit on Surrounding Residential Prices--Line 1 of Chengdu Metro as an Example," Modern Applied Science, Canadian Center of Science and Education, vol. 6(3), pages 1-58, March.
    • Handle: RePEc:ibn:masjnl:v:6:y:2012:i:3:p:58
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    References listed on IDEAS

    as
    1. Bae, Chang-Hee Christine & Jun, Myung-Jin & Park, Hyeon, 2003. "The impact of Seoul's subway Line 5 on residential property values," Transport Policy, Elsevier, vol. 10(2), pages 85-94, April.
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    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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