The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis |
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Authors: | Ghebreegziabiher Debrezion Eric Pels Piet Rietveld |
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Institution: | (1) Free University Amsterdam, Department of Spatial Economics, De Boelelaan 1105, 1081, HV, Amsterdam, The Netherlands |
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Abstract: | Railway stations function as nodes in transport networks and places in an urban environment. They have accessibility and environmental
impacts, which contribute to property value. The literature on the effects of railway stations on property value is mixed
in its finding in respect to the impact magnitude and direction, ranging from a negative to an insignificant or a positive
impact. This paper attempts to explain the variation in the findings by meta-analytical procedures. Generally the variations
are attributed to the nature of data, particular spatial characteristics, temporal effects and methodology. Railway station
proximity is addressed from two spatial considerations: a local station effect measuring the effect for properties with in
1/4 mile range and a global station effect measuring the effect of coming 250 m closer to the station. We find that the effect
of railway stations on commercial property value mainly takes place at short distances. Commercial properties within 1/4 mile
rang are 12.2% more expensive than residential properties. Where the price gap between the railway station zone and the rest
is about 4.2% for the average residence, it is about 16.4% for the average commercial property. At longer distances the effect
on residential property values dominate. We find that for every 250 m a residence is located closer to a station its price
is 2.3% higher than commercial properties. Commuter railway stations have a consistently higher positive impact on the property
value compared to light and heavy railway/Metro stations. The inclusion of other accessibility variables (such as highways)
in the models reduces the level of reported railway station impact.
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Keywords: | Property value Railway station Accessibility Light railways Heavy railway/metro Commuter railway Meta-analysis |
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