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Descripción
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| 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. | |
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Internacional
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Si |
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Nombre congreso
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TRB 90th Annual Meeting |
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Tipo de participación
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960 |
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Lugar del congreso
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Washington DC |
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Revisores
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Si |
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ISBN o ISSN
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DOI
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Fecha inicio congreso
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23/01/2011 |
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Fecha fin congreso
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27/01/2011 |
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Desde la página
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1 |
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Hasta la página
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1 |
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Título de las actas
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TRB 90th Annual Meeting Compendium of Papers DVD |