Transport infrastructure, accessibility, and spillover effects: An empirical analysis of the Portuguese real estate market from 2000 to 2018
Transport infrastructure, accessibility, and spillover effects: An empirical analysis of the Portuguese real estate market from 2000 to 2018
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DOI：
10.1016/j.retrec.2021.101130
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发表时间：
2021-12-11
影响因子：
3.8
通讯作者：
Faria e Sousa, Vitor
中科院分区：
文献类型：
--
作者：
Januario, Joao Fragoso;Costa, Alvaro;Faria e Sousa, Vitor
房地产估值建模长期以来一直被确立为城市和区域经济学的中心研究领域。几项研究已经确定了影响房地产价值的主要因素。可访问性是这些因素之一。本文基于对 2000 年至 2018 年期间的分析，使用葡萄牙大陆 NUTS-III 行政区域的房地产交易均值作为估值代理，描述了交通基础设施对房地产估值的影响。本研究通过明确考虑基础设施投资的溢出效应，扩展了现有知识体系。利用典型的投资和基础设施存量变量以及更复杂的可达性指标开发了交叉回归空间模型。这些指标反映了区域内不同的可达性水平，并受到公路和铁路基础设施发展的影响。结果显示了房地产价值之间的空间自相关性，证实了每个区域的定位对于市场的发展至关重要。然而，交叉回归模型得出的结果在所有 23 个地区并不一致，显示了道路基础设施投资对房地产价值的积极和消极影响。
Modelling real estate valuation has for long been established as a central research area within urban and regional economics. Several studies have identified the main factors that model real estate value. Accessibility is one of those factors. This article describes the influence of transportation infrastructure on property valuations, using the mean value of real estate transactions in NUTS-III administrative regions of mainland Portugal as a proxy for valuation, based on an analysis of the period between 2000 and 2018. This study expands the existing body of knowledge by explicitly considering spillover effects from investing in infrastructure. A cross-regressive spatial model is developed with typical investment and infrastructure stock variables and more complex accessibility indicators. These indicators express different levels of accessibility within regions and are influenced by the development of both road and railway infrastructure. The results show evidence of spatial autocorrelation between real estate values, confirming that the positioning of each region is crucial for the development of the market. However, the results yielded by the cross-regression model are not consistent across all 23 regions, showing both positive and negative impacts of road infrastructure investment on real estate values.