Effects of Public Transport Accessibility and Property Attributes on Housing Prices in Polycentric Beijing

Yuchen Zhou, Yuhong Tian (), Chi Yung Jim, Xu Liu, Jingya Luan and Mengxuan Yan
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Yuchen Zhou: State Key Laboratory of Earth Surface Processes and Resource Ecology, School of Natural Resources, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China
Yuhong Tian: State Key Laboratory of Earth Surface Processes and Resource Ecology, School of Natural Resources, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China
Chi Yung Jim: Department of Social Sciences, Education University of Hong Kong, Hong Kong, China
Xu Liu: China Academy of Urban Planning and Design (CAUPD), Beijing 100044, China
Jingya Luan: State Key Laboratory of Earth Surface Processes and Resource Ecology, School of Natural Resources, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China
Mengxuan Yan: State Key Laboratory of Earth Surface Processes and Resource Ecology, School of Natural Resources, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China

Sustainability, 2022, vol. 14, issue 22, 1-16

Abstract: The public transit system is often developed in tandem with urban growth, bringing improved accessibility and raising housing prices around stations. The impact of public transport accessibility on housing prices demand in-depth empirical studies to understand the underlying factors. The confounding influence of polycentric cities, contrasting with monocentric ones, deserves more attention. We studied the effects of metro and bus accessibility on housing prices along metro lines 6, 7, 9 and 14 in Beijing under the polycentric scenario. Other property attributes, including building features, location characteristics and neighborhood amenities, served as explanatory variables. Ordinary least squares (OLS) and geographically weighted regression (GWR) were used to build the global (whole-study area) and local hedonic price models, respectively. The results indicated that GWR performed better than OLS in predicting the effects of public transport accessibility on housing prices. Residential properties with access to more metro lines and stations and bus stops were associated with higher housing prices, with metro stations exerting more effects. The premiums of monocentric and polycentric models showed similar spatial patterns. In polycentric Beijing, the premiums of metro accessibility were higher in the eastern part, and the effect of bus accessibility showed circular distribution. Beijing could be regarded as a monocentric city on a global scale, but the influence of subcenters should be considered in a local polycentric regression model. The findings can inform urban planning concerning land use and public transport provision in Beijing and selecting research models in cognate studies.

Keywords: housing price; public transport accessibility; hedonic price model; geographically weighted regression; polycentricity (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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