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Article: Does bus accessibility affect property prices?

TitleDoes bus accessibility affect property prices?
Authors
KeywordsProperty price
Bus
Local accessibility
Regional accessibility
Hedonic pricing model
Urban China
Issue Date2019
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/cities
Citation
Cities, 2019, v. 84, p. 56-65 How to Cite?
AbstractExisting studies have yet reached consistent conclusions on accessibility benefits of buses. Most existing studies have been conducted in the context of the West, where bus patronage is generally low. In this study, we used a database of 22,586 secondhand residential properties in 358 residential estates in Xiamen, China to develop four non-spatial hedonic pricing models (one standard and three Box-Cox transformed) and two spatial econometric models to quantify the effects of bus accessibility on property prices and analyze how the introduction of spatial econometric models would influence estimates of such benefits. Our findings are as follows. (1) Access to bus stops is positively correlated with property prices. This outcome is in contrast with findings of mainstream research (or conventional wisdom). For every bus stop within 500 m, the price of a property is 0.5% higher, all else being equal. (2) Bus travel times to essential destinations significantly influence housing prices. (3) Spatial econometric models that account for spatial autocorrelation outperform traditional hedonic pricing models. A few robustness check analyses further guarantee the plausibility of this study. However, the price premiums offered by bus accessibility may be gradually decreased, even eventually discarded, because of declining attractiveness for bus travel and continuous transit service enhancement in the forthcoming years.
Persistent Identifierhttp://hdl.handle.net/10722/259457
ISSN
2023 Impact Factor: 6.0
2023 SCImago Journal Rankings: 1.733
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorYang, L-
dc.contributor.authorZhou, J-
dc.contributor.authorShyr, O-
dc.contributor.authorHuo, D-
dc.date.accessioned2018-09-03T04:07:41Z-
dc.date.available2018-09-03T04:07:41Z-
dc.date.issued2019-
dc.identifier.citationCities, 2019, v. 84, p. 56-65-
dc.identifier.issn0264-2751-
dc.identifier.urihttp://hdl.handle.net/10722/259457-
dc.description.abstractExisting studies have yet reached consistent conclusions on accessibility benefits of buses. Most existing studies have been conducted in the context of the West, where bus patronage is generally low. In this study, we used a database of 22,586 secondhand residential properties in 358 residential estates in Xiamen, China to develop four non-spatial hedonic pricing models (one standard and three Box-Cox transformed) and two spatial econometric models to quantify the effects of bus accessibility on property prices and analyze how the introduction of spatial econometric models would influence estimates of such benefits. Our findings are as follows. (1) Access to bus stops is positively correlated with property prices. This outcome is in contrast with findings of mainstream research (or conventional wisdom). For every bus stop within 500 m, the price of a property is 0.5% higher, all else being equal. (2) Bus travel times to essential destinations significantly influence housing prices. (3) Spatial econometric models that account for spatial autocorrelation outperform traditional hedonic pricing models. A few robustness check analyses further guarantee the plausibility of this study. However, the price premiums offered by bus accessibility may be gradually decreased, even eventually discarded, because of declining attractiveness for bus travel and continuous transit service enhancement in the forthcoming years.-
dc.languageeng-
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/cities-
dc.relation.ispartofCities-
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.-
dc.subjectProperty price-
dc.subjectBus-
dc.subjectLocal accessibility-
dc.subjectRegional accessibility-
dc.subjectHedonic pricing model-
dc.subjectUrban China-
dc.titleDoes bus accessibility affect property prices?-
dc.typeArticle-
dc.identifier.emailZhou, J: zhoujp@hku.hk-
dc.identifier.authorityZhou, J=rp02236-
dc.description.naturepostprint-
dc.identifier.doi10.1016/j.cities.2018.07.005-
dc.identifier.scopuseid_2-s2.0-85050534637-
dc.identifier.hkuros289806-
dc.identifier.volume84-
dc.identifier.spage56-
dc.identifier.epage65-
dc.identifier.isiWOS:000453618000006-
dc.publisher.placeUnited Kingdom-
dcterms.subjectSpatial autocorrelation-
dc.identifier.issnl0264-2751-

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