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Impacts of rail transit accessibility on residential and commercial property price in Shanghai

Authors: Jingming LIU*, Chinese University
Topics: Transportation Geography, Urban Geography, Social Geography
Keywords: Rail transit accessibility,Hedonic model,Property price,Catchment area, Shanghai
Session Type: Poster
Day: 4/8/2020
Start / End Time: 3:20 PM / 4:35 PM
Room: Virtual Track 3
Presentation File: No File Uploaded

Studying the relationship between the accessibility of rail transit and the price of the property is of great importance for nurturing the construction and operation of rail transit and realizing the sustainable development of rail transport. This paper uses Shanghai as the research area, and uses the 3SFCA (Three-step floating catchment area) method to analyze the spatial distribution of accessibility to rail transits. The results show that the accessibility of rail transit is significantly heterogeneous. For this purpose, we introduce the spatial lag variables, spatial error variables and distance-threshold variables separately to improve the traditional hedonic price model, and take the building characteristics, environmental factors, and socio-economic factors as control variables to examine the relationship between rail accessibility and properties prices. The results show that there is a strong positive correlation between the accessibility of rail transit and the property price and that the threshold distances for the different housing types vary, the distance of residential properties is much longer than the office and commercial properties. In addition, by introducing the nearest threshold to various properties, we studied the catchment size of different subway stations in Shanghai and found that the catchment area of suburb is wider than the downtown area. The paper highlights how choices of the distance threshold can have major but overlooked implications for policy evaluation of cumulative opportunity measures, and finally helps policymakers change spatial allocations of resources to achieve sustainable development of rail transportation in Shanghai.

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