Rail accessibility on property value: Zuoying Station

Publisher:
PRRES Inc. 2016
Publication Type:
Conference Proceeding
Citation:
Proceedings of 22nd Annual Pacific-Rim Real Estate Society Conference (PRRES), 2016, pp. 1 - 7
Issue Date:
2016-01-21
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Problem/Purpose: Accessibility to transport infrastructure is one of the factors that affects property value. A number of researchers have found positive and negative effects on how improvement in public transportation has on property value (Chau and Ng, 1998). In Taiwan, little research has been carried out in this area. This research seeks to contribute to the understanding of the effect of rail accessibility on property value. Specifically, this study investigates the impact on property value located in close proximity to Zuoying station in Taiwan. Hedonic price theory is used and 5,478 data sets including property transaction prices, house or unit size; distances to the rail station, amenities, parklands and main roads were used for the testing. Before and after the commencement of the rail systems has also been considered in this study. Design/methodology/approach: Hedonic analysis is a well-established technique that is applied in this study. Findings: The estimation results suggest that accessibility to train station is one of the important factors affecting property values. It is found that the shorter distance and easier access the rail station, the higher the property values. Research limitations/implications (if applicable): This research has considered the elements of before and after the opening of the Taiwan High Speed Rail (THSR) and Kaohsiung Mass Rapid Transit (KMRT). However, a comparison study on the effects of before and after the completed rail development is not included in this study. Takeaway for practice (if applicable) Originality/value: No study has been conducted in the past on Zuoying station in the area of rail accessibility and property values. This is the only rail station in southern Taiwan where three railway systems converge. The investment of new transport infrastructure has positive impact on the land values in the locality and the economic and social aspects of the built environment.
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