Observatorio de I+D+i UPM

Memorias de investigación
Communications at congresses:
Analyzing house prices to assess economic benefits due to a new public transport infastructure: Madrid Metro Line 12
Year:2010
Research Areas
  • Land transport
Information
Abstract
Transportation infrastructure, by virtue of changing accessibility, is known to impact the value of real estate property. The impact of transportation facilities, as well, is highly localized, and it is possible that spillover effects result from the capitalization of accessibility. The objective of this paper is to review the theoretical background related to spatial hedonic models and the opportunities they provide for the evaluation of the effect of new transportation infrastructure. An empirical case study is presented of the Madrid Metro Line 12 (known as Metrosur) in the Madrid Region. In the analysis, the authors evaluate the effect of proximity to Metro stations on housing prices, while accounting for a host of structural, location, and neighborhood variables, and the use of three different modeling approaches: linear regression estimated using Ordinary Least Square, the Spatial Error Model and the Spatial Lag Model. The results indicate that better accessibility to Metrosur stations has a positive impact on values, and that the effect is particularly marked when selling a house. Moreover, they also show the presence of submarkets which are well defined either by geographic boundaries and transport fares, which imply that the economic benefits differ among municipalities.
International
Si
Congress
TRB 90th Annual Meeting
960
Place
Washington DC
Reviewers
Si
ISBN/ISSN
Start Date
23/01/2011
End Date
27/01/2011
From page
1
To page
1
TRB 90th Annual Meeting Compendium of Papers DVD
Participants
  • Autor: Lucía José Mejía Dorantes (UPM)
  • Participante: Antonio Paez (McMaster University)
  • Autor: Jose Manuel Vassallo Magro (UPM)
Research Group, Departaments and Institutes related
  • Creador: Centro o Instituto I+D+i: Centro de Investigación del Transporte
  • Departamento: Ingeniería Civil: Transportes
S2i 2020 Observatorio de investigación @ UPM con la colaboración del Consejo Social UPM
Cofinanciación del MINECO en el marco del Programa INNCIDE 2011 (OTR-2011-0236)
Cofinanciación del MINECO en el marco del Programa INNPACTO (IPT-020000-2010-22)