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Value of accessibility to Bogotá's bus rapid transit system

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  • DANIEL A. RODRÍGUEZ* *
  • FELIPE TARGA

Abstract

With several successful cases world‐wide, bus rapid transit (BRT) has reemerged as a cost‐effective transportation alternative for urban mobility. Despite the resurgence of BRT, there is a world‐wide paucity of research examining its ability to spur and development. By estimating spatial hedonic price functions, the paper determines the extent to which access to BRT stations in Bogotá, Colombia, currently are capitalized into land values. Results suggest that for every 5 min of additional walking time to a BRT station, the rental price of a property decreases by between 6.8 and 9.3%, after controlling for structural characteristics, neighbourhood attributes and proximity to the BRT corridor. Evaluated at the average walking time to a BRT station, this effect translates into an elasticity of between − 0.16 and − 0.22. Although these estimates cannot be attributable directly to the presence of the BRT system because a cross‐sectional design is used, they suggest that the land market in Bogotá values access to BRT station locations.

Suggested Citation

  • 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.
    • Handle: RePEc:taf:transr:v:24:y:2003:i:5:p:587-610
    DOI: 10.1080/0144164042000195081
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    References listed on IDEAS

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    1. Landis, John & Guhathakurta, Subhrajit & Huang, William & Zhang, Ming, 1995. "Rail Transit Investments, Real Estate Values, and Land Use Change: A Comparative Analysis of Five California Rail Transit Systems," University of California Transportation Center, Working Papers qt2hf9s9sr, University of California Transportation Center.
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    Cited by:

    1. 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.

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