GIS-Based Simulation of Accessibility to Enhance Hedonic Modeling and Property Value Appraisal: an Application to the Quebec City Metropolitain Area
This paper presents a simulation procedure that uses GIS technology for integrating accessibility to services and working places in order to improve modeling of houses values. Most real estate models use simple functions of distance to CBD in order to evaluate access to services and centrality. However, cities are complex systems. Secondary business centers appear. Shopping malls are disseminated. And, daily services are often located in the neighborhoods. Therefore, measuring accessibility is far more complex than evaluating a mere Euclidean distance to CBD. Using topological streets and roads network and origin-destination surveys, TransCAD (transportation GIS software) simulates trips from each home to selected activity places. Using streets and realistic speed values, it computes accessibility based on the shortest route length, the minimum traveling time or some global cost index. The main purpose of this paper is to compare the effectiveness of these various accessibility measurements to improve hedonic modeling of house values and urban dynamics understanding
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