The proximity impact of metro station on price of surrounding residential property in Shenzhen

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The proximity impact of metro station on price of surrounding residential property in Shenzhen


Author: Chen, Xuanting
Title: The proximity impact of metro station on price of surrounding residential property in Shenzhen
Degree: M.Sc.
Year: 2011
Subject: Housing -- Prices -- China -- Shenzhen (Guangdong Sheng : East)
Transportation -- China -- Shenzhen (Guangdong Sheng : East)
Hong Kong Polytechnic University -- Dissertations
Department: Dept. of Building and Real Estate
Pages: viii, 142 leaves : ill. ; 30 cm.
Language: English
InnoPac Record:
Abstract: This study assesses the impact of proximity to metro stations on residential property values in shenzhen, where metro system is under construction and the layout of the city is changing during the city development. Hedonic models are constructed of assessed value for residential properties within 1 km of twenty metro stations and independent variables are included that describe property characteristics, neighbourhood characteristics locational amenities and market fluctuaion. The model suggests that, for homes located in the 0.4 km radius, the real estate price declines by 6 % because noise and other nuisance during the consreuction period. The results in 0.4 to 0.8 km and 0.8 to 1 km match the hypothesis that as the distance to a metro station decrease, proximity effect benefits accrued by homeowners or occupants will be greater, resulting in a higher price of property value., it reveals the price for properties adds 9.2% and 1.3% value at 1% level in the two ranges respectively. The most striking result of the study is that multiple lines couldn't make the buyers pay more premiums in Shenzhen. From the literature, other reasercher covered the reason that although more alternatives for travel, the high density of public building maybe not suitable for dwelling. Model results further suggest that the independent variable-building age make a positive contribution for property value which is opposite to previous finding. Except for the reason of property samples, it could be only the case that buyers are willing to purchase the housing with strong living atmosphere in the young city.

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