Effects of transit-oriented development (TOD) on housing prices: A case study in Wuhan, China

Document Type

Journal Article

Publication Date

2020

Subject Area

place - asia, place - urban, mode - rail, land use - impacts, land use - planning, land use - transit oriented development, economics - value capture

Keywords

Transit-oriented development, Rail transit, Housing price premium, Hedonic price model

Abstract

Rail transit is becoming significant to urban growth and sustainability in China since China is investing more than 2 trillion yuan in urban rail transit during the 13th Five-Year Plan (2016–2020). Transit-oriented development (TOD) emphasizes using built-environment factors such as mixed-use, density, and walkability, to maximize the benefits of improving transit accessibility. Although studies illustrate how transit-oriented built-environments amplify the rail transit impact on housing prices within the American context, little attention has been paid to Chinese cities. Using a case study of Wuhan City in China, this study shows that a higher transit proximity premium of housing prices is more likely to occur in the place with more mixed land uses. Policy implications on TOD planning and land value capture near transit station areas are derived.

Rights

Permission to publish the abstract has been given by Elsevier, copyright remains with them.

Comments

Research in Transportation Economics Home Page:

http://www.sciencedirect.com/science/journal/07398859

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