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House prices and accessibility: evidence from a quasi-experiment in transport infrastructure

Author

Listed:
  • Sander Hoogendoorn
  • Joost van Gemeren
  • Paul Verstraten
  • Kees Folmer

Abstract

This article studies the impact of accessibility on house prices based on a novel quasi-experiment in the Netherlands: the Westerscheldetunnel. We exploit the fact that the opening of the tunnel caused a major shift in accessibility for people and firms in the connected regions. Our results indicate that the accessibility elasticity of house prices is 0.8. We also find support for the idea of anticipation: about half of the accessibility effect already materializes more than 1 year before the opening of the tunnel. Finally, our analyses suggest that the impact of accessibility differs substantially across regions.

Suggested Citation

  • Sander Hoogendoorn & Joost van Gemeren & Paul Verstraten & Kees Folmer, 2019. "House prices and accessibility: evidence from a quasi-experiment in transport infrastructure," Journal of Economic Geography, Oxford University Press, vol. 19(1), pages 57-87.
    • Handle: RePEc:oup:jecgeo:v:19:y:2019:i:1:p:57-87.
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    File URL: http://hdl.handle.net/10.1093/jeg/lbx027
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    Citations

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    Cited by:

    1. Joep Tijm & Thomas Michielsen & Peter Zwaneveld & Raoul van Maarseveen, 2018. "How large are road traffic externalities in the city? The highway tunneling in Maastricht, the Netherlands," CPB Discussion Paper 379.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    2. Gal Amedi, 2023. "The Determinants of the Transit Accessibility Premium," Bank of Israel Working Papers 2023.12, Bank of Israel.
    3. Mikula, Štěpán & Molnár, Peter, 2023. "Expected transport accessibility improvement and house prices: Evidence from the construction of an undersea road tunnel system," Journal of Transport Geography, Elsevier, vol. 111(C).
    4. Awaworyi Churchill, Sefa & Baako, Kingsley Tetteh & Mintah, Kwabena & Zhang, Quanda, 2021. "Transport infrastructure and house prices in the long run," Transport Policy, Elsevier, vol. 112(C), pages 1-12.
    5. Lu Zhang & Hongfei Yu & Zhongfa Zhou & Fangxin Yi & Dong Li, 2023. "National Big Data Experimental Area and the Unexpected Booming of the Housing Price in Guiyang of Guizhou Province of China," Land, MDPI, vol. 12(2), pages 1-21, February.
    6. Joep Tijm & Thomas Michielsen & Raoul van Maarseveen & Peter Zwaneveld, 2018. "How Large are Road Traffic Externalities in the City? The Highway Tunneling in Maastricht, the Netherlands," CESifo Working Paper Series 7089, CESifo.
    7. Helen XH Bao & Johan P Larsson & Vivien Wong, 2021. "Light at the end of the tunnel:The impacts of expected major transport improvements on residential property prices," Urban Studies, Urban Studies Journal Limited, vol. 58(14), pages 2971-2990, November.

    More about this item

    Keywords

    House prices; accessibility; quasi-experiment; transport infrastructure;
    All these keywords.

    JEL classification:

    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
    • R4 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics

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