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Train station planning and house prices interaction in Athens via hedonic modeling and spatial analysis

Author

Listed:
  • Polyzois KANELLEAS

    (Rural & Surveying Engineer, M.A. - GAIAOSE S.A.)

  • Charalambos KYRIAKIDIS

    (Spatial & Urban planner, M.Sc., Ph.D. candidate – N.T.U.A.)

  • Filippos ILIADIS

    (Spatial & Urban planner, M.Sc. - GAIAOSE S.A.)

  • Anastasia TSOLAKI

    (Bioclimatic Architect, M.Sc., Ph.D. candidate - GAIAOSE S.A.)

Abstract

This paper explores a framework that combines Spatial Analysis with the Hedonic Model-ling method identifying a possible spatial correlation between house prices and railway station areas. Several studies, regarding European and American cities, showed that properties near the railway stations tend to have higher prices than the properties which are more distant from them. To address this issue regarding Greece, this study focuses on the Athens Central Station (Stathmos Larissis). The study area was defined through a buffer zone of approximately 700 meters around Athens Central Station. Data, was mainly originated from different property sales websites in order to take into account the market prices today. Results were formed via a semi-log model and through the Ordinary Least Squares (OLS) method and Multi-Regression Analysis (MRA). The model results showed that properties near railway infrastructure and especially near the train station, tend to have lower prices than the ones that were distant. Thus, several actions can be proposed for the existing railway infrastructure and the neighboring areas in order to be upgraded and further developed.

Suggested Citation

  • Polyzois KANELLEAS & Charalambos KYRIAKIDIS & Filippos ILIADIS & Anastasia TSOLAKI, 2018. "Train station planning and house prices interaction in Athens via hedonic modeling and spatial analysis," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 48, pages 41-51.
    • Handle: RePEc:tou:journl:v:48:y:2018:p:41-51
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    References listed on IDEAS

    as
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    5. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2006. "The Impact of Rail Transport on Real Estate Prices: An Empirical Analysis of the Dutch Housing Market," Tinbergen Institute Discussion Papers 06-031/3, Tinbergen Institute.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Hedonic modelling ; Train Station; Athens; Multi-Regression Analysis; Residential prices;
    All these keywords.

    JEL classification:

    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913
    • N93 - Economic History - - Regional and Urban History - - - Europe: Pre-1913
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure

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