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House prices and accessibility: Evidence from a natural experiment in transport infrastructure

Author

Listed:
  • Sander Hoogendoorn

    (CPB Netherlands Bureau for Economic Policy Analysis)

  • Joost van Gemeren
  • Paul Verstraten

    (CPB Netherlands Bureau for Economic Policy Analysis)

  • Kees Folmer

Abstract

This paper studies the impact of accessibility on house prices, based on a natural experiment in the Netherlands: the Westerscheldetunnel. We exploit the fact that the opening of the tunnel caused a substantial shift in accessibility for people and firms in the connected regions. Our results indicate that the elasticity between house prices and accessibility is equal to 0.8. We also find support for the idea of anticipation: about half of the accessibility effect already materializes more than one year before the opening of the tunnel. Moreover, our analyses suggest that the impact of accessibility differs across regions.

Suggested Citation

  • Sander Hoogendoorn & Joost van Gemeren & Paul Verstraten & Kees Folmer, 2016. "House prices and accessibility: Evidence from a natural experiment in transport infrastructure," CPB Discussion Paper 322, CPB Netherlands Bureau for Economic Policy Analysis.
  • Handle: RePEc:cpb:discus:322
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    Cited by:

    1. 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.
    2. 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, CPB Netherlands Bureau for Economic Policy Analysis.
    3. Jacobs-Crisioni, Chris & Koomen, Eric, 2017. "Population growth, accessibility spillovers and persistent borders: Historical growth in West-European municipalities," Journal of Transport Geography, Elsevier, vol. 62(C), pages 80-91.

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    More about this item

    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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