The impact of accessibility by public transport on real estate values: A comparison between the cities of Rome and Santander
The impact of accessibility by public transport on real estate values: A comparison between the cities of Rome and Santander
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DOI：
10.1016/j.tra.2018.07.015
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发表时间：
2019-07
期刊：
影响因子：
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通讯作者：
Rubén Cordera;P. Coppola;L. dell’Olio;Angel Ibeas
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文献类型：
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作者：
Rubén Cordera;P. Coppola;L. dell’Olio;Angel Ibeas
经验证据支持这样一种假设，即更容易获得机会可以对房地产价值产生积极影响。然而，无障碍带来的好处的资本化在不同的研究领域可能会有所不同。这项研究估计了两个城市地区的享乐主义和空间享乐主义模型，以比较使用公共交通工具的可达性对住宅物业价值的影响是否存在差异。选择进行比较的两个研究地区是一个没有任何重大交通问题的中等城市(西班牙桑坦德)和一个有严重交通拥堵问题的特大城市(意大利罗马)。估计的享乐模型考虑了可能存在的空间效应，这是房地产数据中常见的现象，可能会在享乐模型的残差中产生依赖。使用两种类型的指标来衡量可及性：相对指标和基于重力的指标。结果证实，可达性对这两个城市的房地产价格都是一个积极的因素，尽管在桑坦德，只有使用相对于市中心的相对指标才是如此。这些结果与支持引入价值获取政策有关，这些政策为新项目提供资金，以扩大和鼓励更多地使用公共交通。
Empirical evidence supports the hypothesis that greater accessibility to opportunities can have a positive impact on real estate values. However, this capitalisation of the benefits of accessibility could vary between different study areas. This research estimates hedonic and spatial hedonic models in two urban areas to compare if differences can be found in the impact accessibility using public transport has on residential property values. The two study areas chosen for comparison are a medium sized city without any major mobility problems (Santander, Spain) and a very large city with major congestion problems (Rome, Italy). The estimated hedonic models have considered the possible presence of spatial effects, a common occurrence with real estate data which may generate dependency in the residuals of hedonic models. Accessibility has been measured using two types of indicators: relative and gravity based. The results confirm that accessibility was a positive factor on property prices in both cities, although in Santander this was only true using the relative indicator to the city centre. These results are relevant for supporting the introduction of value capture policies which provide finance for new projects to extend and encourage greater use of public transport.