Analysis of Relationships between Urban Rail Transit Accessibility Improvement and Residential Property Appreciations

Abstract:

The impacts of urban rail transit on residential property values were classified into traffic effects and agglomeration effects, both of which could be measured by the accessibility improvement model. A case on 16 stations of Shanghai Metro Line 11 was studied to verify the model by analyzing the relationships between the accessibility improvement values and the residential property appreciations. The results indicate that the residential property appreciation is about 5 times the accessibility improvement value per year and this has occurred as soon as the stations open due to the expectation effect. Furthermore, because of the different locations of the stations, the impacts are markedly different, ranging from about 2 percent in the city center to about 18 percent in suburban areas. This method can provide suggestions for urban rail transit value capture and landuse planning of areas surrounding the stations.