01479123

Component

The construction of a public transit system in a large metropolitan area can relieve congestion, enhance mobility, and improve air quality. In a well-functioning housing market, these benefits will be reflected in housing prices. In this paper, the authors analyze transactions of apartments with elevators from 2007 and 2009 in Kaohsiung (Taiwan’s second largest city) to capture the impact of the opening in 2008 of a brand new mass rapid transit (MRT) system. Data includes time on market information (TOM) so the authors combine a two stage least square model with a geographically weighted regression model to tackle the joint determination of price and TOM. Results show that the opening of the MRT had a statistically significant and positive impact on the value of apartments with elevators. Moreover, accounting for TOM has a negligible impact on the results, which suggests that this information may not be necessary to perform hedonic studies of the housing market.

This paper was sponsored by TRB committee ADD10 Transportation and Economic Development.

01470560

13-5256

English

0000-0001-9514-0994

17p

2013

Transportation Research Board 92nd Annual Meeting

Digital/other

Figures; Maps; References; Tables

Housing; Impacts; Market value; Property values; Rapid transit; Real property

Hedonic price models

Kaohsiung (Taiwan)

Economics; Public Transportation; I72: Traffic and Transport Planning

Transportation Research Board Annual Meeting 2013 Paper #13-5256

TRIS, TRB, ATRI

Feb 5 2013 1:00PM