Observatorio de I+D+i UPM

Memorias de investigación
Research Publications in journals:
Analysis of house prices to assess economic impacts of new public transport infrastructure: Madrid metro line 12.
Year:2011
Research Areas
  • Transport
Information
Abstract
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. An empirical case study is presented: the Madrid Metro Line 12, known as Metrosur, in the region of Madrid, Spain. The effect of proximity to metro stations on housing prices was evaluated. The analysis took into account a host of variables, including structure, location, and neighborhood and made use of three modeling approaches: linear regression estimation with ordinary least squares, spatial error, and spatial lag. The results indicated that better accessibility to Metrosur stations had a positive impact on real estate values and that the effect was marked in cases in which a house was for sale. The results also showed the presence of submarkets, which were well defined by geographic boundaries, and transport fares, which implied that the economic benefits differed across municipalities.
International
Si
JCR
Si
Title
Transportation Research Record
ISBN
0361-1981
Impact factor JCR
0,482
Impact info
Volume
Journal number
2245
From page
131
To page
139
Month
DICIEMBRE
Ranking
Participants
  • Autor: Jose Manuel Vassallo Magro (UPM)
  • Autor: Antonio Paez (McMaster University (Canada))
  • Autor: Lucía José Mejía Dorantes (UPM)
Research Group, Departaments and Institutes related
  • Creador: Grupo de Investigación: Planificación del Transporte
  • Centro o Instituto I+D+i: Centro de Investigación del Transporte
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