Urban design, housing price, and new metro in China
Transit accessibility and design-related attributes in station areas would affect the housing price at various stages
A new metro is a complex intervention to the city. It involves multiple sub-projects and various stages, including announcement, construction, and operation periods. The housing price premium could be summed into the speculation effect, anticipated effect, and actual benefits of transit service and environment improvement. Therefore, unravelling these interweaved effects could provide robust evidence of metro capitalisation effects.
The transit accessibility and design-related attributes in station areas could increase the housing price. The new metro provides alternative travel options for residents and reduces travel time to different destinations. Station area development calls for mixed land use and high-density development. In addition, pedestrian facilities, integration of public transit hubs, and commercial facilities are indispensable. Also, environmental changes such as noise and crowdedness may influence the valuation and appraisal of users. Finally, the impact pathways would evolve in different stages. All these factors related to metro intervention affect housing prices.
In this project, we aim to unravel the capitalisation effects of accessibility and urban design in station area development by considering the various stage of the complex intervention of the metro.
How to cite
D. He, G. Sun*, L.Li, C. Webster(2023). New metro and housing price and rent premiums: A natural experiment study in China (under revision in Urban Studies)
HKUPS (2021-2024) &Pricing urban design in the walking catchment of metro stations (NSFC 52078446, 2021-2025, 580,000 RMB).