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.

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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.