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Article: Accessibility-based premiums and proximity-induced discounts stemming from bus rapid transit in China: Empirical evidence and policy implications

TitleAccessibility-based premiums and proximity-induced discounts stemming from bus rapid transit in China: Empirical evidence and policy implications
Authors
KeywordsProperty price
Housing price
Hedonic pricing model
Bus rapid transit (BRT)
Accessibility
Issue Date2019
PublisherElsevier BV. The Journal's web site is located at http://www.journals.elsevier.com/sustainable-cities-and-society/
Citation
Sustainable Cities and Society, 2019, v. 48, p. article no. 101561 How to Cite?
AbstractBus rapid transit (BRT) is popular worldwide because it provides high-quality transit services at low costs. China is not an exception in this regard, and it tops the world rankings in BRT network expansion rate. Many studies conducted in the West have shown that BRT accessibility has a positive impact on nearby property prices (accessibility effect). Comparatively, few studies have been conducted in urban China. Moreover, there are even fewer empirical studies on the undesirable factors associated with proximity to the BRT corridor, such as noise, air pollution, and unpleasant visual scenes (proximity effect). Based on 16,165 housing samples in Xiamen (China), we estimated a set of, non-spatial and spatial, hedonic pricing models to simultaneously investigate the accessibility and proximity effects of BRT and tested whether or not accessibility-based premiums and proximity-induced discounts coexist in the housing market. Empirical results of this study suggest that: (1) accessibility to BRT positively affects nearby property prices; (2) proximity to the BRT corridor negatively affects property prices; and (3) accessibility to BRT has a stronger positive impact on property prices in peripheral areas than in central areas. Though the first outcome has been well recognized, the other two have rarely been studied in existing literature, thereby representing the potential contributions of this study. Finally, we proposed policy implications from these results.
Persistent Identifierhttp://hdl.handle.net/10722/279200
ISSN
2017 Impact Factor: 3.073
2015 SCImago Journal Rankings: 0.804

 

DC FieldValueLanguage
dc.contributor.authorYANG, L-
dc.contributor.authorChau, KW-
dc.contributor.authorChu, X-
dc.date.accessioned2019-10-21T02:21:27Z-
dc.date.available2019-10-21T02:21:27Z-
dc.date.issued2019-
dc.identifier.citationSustainable Cities and Society, 2019, v. 48, p. article no. 101561-
dc.identifier.issn2210-6707-
dc.identifier.urihttp://hdl.handle.net/10722/279200-
dc.description.abstractBus rapid transit (BRT) is popular worldwide because it provides high-quality transit services at low costs. China is not an exception in this regard, and it tops the world rankings in BRT network expansion rate. Many studies conducted in the West have shown that BRT accessibility has a positive impact on nearby property prices (accessibility effect). Comparatively, few studies have been conducted in urban China. Moreover, there are even fewer empirical studies on the undesirable factors associated with proximity to the BRT corridor, such as noise, air pollution, and unpleasant visual scenes (proximity effect). Based on 16,165 housing samples in Xiamen (China), we estimated a set of, non-spatial and spatial, hedonic pricing models to simultaneously investigate the accessibility and proximity effects of BRT and tested whether or not accessibility-based premiums and proximity-induced discounts coexist in the housing market. Empirical results of this study suggest that: (1) accessibility to BRT positively affects nearby property prices; (2) proximity to the BRT corridor negatively affects property prices; and (3) accessibility to BRT has a stronger positive impact on property prices in peripheral areas than in central areas. Though the first outcome has been well recognized, the other two have rarely been studied in existing literature, thereby representing the potential contributions of this study. Finally, we proposed policy implications from these results.-
dc.languageeng-
dc.publisherElsevier BV. The Journal's web site is located at http://www.journals.elsevier.com/sustainable-cities-and-society/-
dc.relation.ispartofSustainable Cities and Society-
dc.subjectProperty price-
dc.subjectHousing price-
dc.subjectHedonic pricing model-
dc.subjectBus rapid transit (BRT)-
dc.subjectAccessibility-
dc.titleAccessibility-based premiums and proximity-induced discounts stemming from bus rapid transit in China: Empirical evidence and policy implications-
dc.typeArticle-
dc.identifier.emailChau, KW: hrrbckw@hku.hk-
dc.identifier.authorityChau, KW=rp00993-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1016/j.scs.2019.101561-
dc.identifier.scopuseid_2-s2.0-85065074690-
dc.identifier.hkuros307777-
dc.identifier.volume48-
dc.identifier.spagearticle no. 101561-
dc.identifier.epagearticle no. 101561-
dc.publisher.placeNetherlands-

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