Public transport accessibility and housing value uplift: Evidence from the Docklands Light Railway in London (original) (raw)
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The aim of this paper is to examine the relationship between the availability of transportation infrastructure and services and the pattern of house prices in an urban area and to assess whether public investment in transportation can modify residential property values. This study was developed for the Lisbon, Portugal, metropolitan area (LMA) as part of a broader study that intends to develop new value-capture financing schemes for public transportation in the LMA. The paper focuses on three central municipalities in Portugal (Amadora, Lisbon, and Odivelas), where these effects could be more easily measured because of the existence of a significant variability of public transportation services. The paper tries to determine, with different spatial hedonic pricing models, the extent to which access to transportation infrastructure currently is capitalized into house prices and isolates the influence of three different transportation infrastructures: metro, rail, and road. The results...
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Transportation infrastructure is known to affect the value of real estate property by virtue of changes in accessibility. The impact of transportation facilities is highly localized as well, and it is possible that spillover effects result from the capitalization of accessibility. The objective of this study was to review the theoretical background related to spatial hedonic models and the opportunities that they provided to evaluate the effect of new transportation infrastructure.
The Impact of Railway Stations on Residential and Commercial Property Value
Property values are affected by the properties' physical, accessibility and environmental features. Railway stations function as nodes in transport networks and places in an urban environment. They have accessibility and environmental impacts, which contribute to property value. The literature on the effects of railway stations on property value is mixed in its finding in respect to impact magnitude and direction, ranging from a negative to an insignificant or a positive impact. This paper attempts to explain the variation in the findings by meta-analytical procedures. Generally the variations are attributed to the nature of data, particular spatial characteristics, temporal effects and methodology. The data can vary in relation to the type of property under study. Some indication is found to support the assertion that commercial properties enjoy a higher positive impact compared to residential properties. Commuter railway stations have a consistently higher positive impact on the property value compared to light and heavy railway/Metro stations. The inclusion of other accessibility variables (such as highways) in the models reduces the level of reported railway station impact. However this effect becomes insignificant for properties within a quarter-mile of the station, leaving the railway station as a major accessibility point. Our analysis did not find a significant effect of spatial and temporal factors.
Journal of Transport Geography , 2011
"Light rail, metro and other urban rail transit systems can play a significant role in improving the attractiveness and quality of urban public transport. They can influence the attractiveness of locations near the stations and improve accessibility for these locations. Furthermore urban rail can improve a location’s attractiveness by its image effect: it makes a station appear modern and dynamic, and thus raises the status of this location. This paper summarises findings on the land-use and economic impacts of the urban rail system of the city of Naples over time and space. It examines changes in residential and non-residential (offices and retail) property prices around the newly built stations between 2001 and 2008 as well as the changes in the number of residents for the same station catchment areas. Ad hoc station control areas have been specified in order to compare the results of these changes. Results show that values in station control areas are lower than those of those of the stations catchment areas."""
Journal of Transport Geography, 2016
Public transport investment is normally targeted at increasing accessibility which land rent theory identifies will in turn increase land values. There is clear policy interest in how much land values increase following a new transport investment so as to establish if there is sufficient land value uplift to capture to help pay or contribute to investment plans. Identifying uplift for residential land has been well studied in the context of new light rail systems and bus rapid transit (BRT) systems in developing countries but there is little evidence for BRT in developed countries. This paper has two objectives. First, to examine long term impact of BRT in a developed world context in Brisbane, Australia as studies in Sydney, Australia. This provides an addition to the BRT literature in developed countries where the only other suggests little uplift in comparison to developing world contexts. Second, to consider the spatial distribution of uplift which is an essential prerequisite to understanding the distributional impact if uplift is used to contribute to infrastructure provision. Spatial modelling is used to examine the accessibility impacts of the BRT and this is followed by Geographical Weighted Regression, used to examine the spatial distribution of accessibility. The results show there is greater uplift in Brisbane, as compared to Sydney, Australia which is likely due to the greater network coverage of BRT in Brisbane and a relative lack of rail based competition. Land value uplift is also spatially distributed over the network giving higher uplift in some areas than others and lower values than typically found with rail based systems in developed countries. Highlights • Being close to BRT adds a premium to the housing price • The price premiums varies over space • High-frequency feeder bus network appears to be the key for the capitalization effects • GWR improves spatial models by accounting for spatial non-nonstationarity
Case Studies on Transport Policy
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