Authors: Ronghui Tan*, , Kehao Zhou, School of Econimics and Management,Tianjin Chengjian University
Topics: China, Applied Geography, Land Use
Keywords: Public transportation, Housing price, Hedonic price model, Wuhan
Session Type: Paper
Start / End Time: 3:05 PM / 4:45 PM
Room: 8216, Park Tower Suites, Marriott, Lobby Level
Presentation File: No File Uploaded
Public transportation (PT) infrastructures are essential for the movement of urban residents, especially in developing countries, where not all families can afford an automobile. Therefore, the hypothesis of this study is that housing price is affected by the PT conditions because the latter can generate externalities on the former. Numerous empirical studies have investigated the implicit prices of the various PT variables. However, due to lack of data, few of these studies systematically reported the patterns of correlation among the explanatory PT variables and examined their effects by considering the housing attributes. This study uses the hedonic models based on the housing sales data extracted from real estate websites to examine how all types of PT variables affect the housing value under the joint effects of housing attributes, public service centers, and landscape amenities in Wuhan city. Results suggest that, among a list of PT variables, only the metro station had a significant and positive direct effect on housing price, and this effect was most obvious in the area within 300–600 m from the metro station. The main road had a marginally positive effect, while the highway and railway affected the prices negatively. Other variables, such as the presence of a bus station, were identified to affect the housing value positively in other Chinese cities. However, a significant effect was not observed in Wuhan. Housing attributes played a more critical role than PT variables in the decisions of participants in the housing market.