Land use for transport projects: Estimating land value |
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Institution: | 1. Department of Economics and Management, Tel-Hai College, Upper Galilee 12210, Israel;2. Pareto Group Ltd., 7 Giborei Israel Street, Netanya 42504, Israel;1. Swedish National Road and Transport Research Institute, Linköping SE-581 95, Sweden;2. Department of Human Geography, Lund University, Lund SE-223 62, Sweden;3. Swedish University of Agricultural Sciences, Landscape Architecture, Dept. of Urban and Rural Development, PO Box 7012, Uppsala SE-750 07, Sweden |
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Abstract: | Transportation projects are typically characterized by increased land use, which is a scarce resource of economic value. However, there is a tendency to ignore land value during feasibility studies of transportation projects. This may lead to a reduction in the economic efficiency of a project and to increased land use. This paper presents an economic model, based on the relationship between the elasticity of land price with respect to density, and estimating the future value of land designated for various uses, including transportation projects. The model was applied to transactional data from Israel, and was used for examining the value of land designated for two transport projects within Israel. The conclusions of the study indicate that taking the land value during a feasibility analysis of transportation projects into account, may lead to the consideration of other alternative plans, which may prevent the excessive use of land. |
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Keywords: | Land value Transportation projects Economic feasibility Economic model Elasticity |
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