Impacts of Transport Projects on Residential Property Values in China: Evidence from Two Projects in Guangzhou

Li Tian

Journal of Property Research, 2006, vol. 23, issue 4, 347-365

Abstract: Introducing public transport usually creates expectations of property value changes, and there have been substantial studies on the impacts of public transport on property values in developed regions. Little research, however, has been conducted in developing countries due to incomplete information, and the lack of research has limited the extent to which transit agencies can develop strategies to maximize positive property value impacts and minimize negative ones. This paper summarizes a comprehensive survey of recent research on impacts of two transport projects on residential property values in Guangzhou, China, and explores policy implications in recovering surplus land value and compensating hardship generated by transport developments. The application of a repeat‐sales model and a hedonic pricing approach has shown consistent results in estimating the effect of the Metro Line 2 on values of residential property within the walking distance of its stations. The evaluation result of the Inner Ring Road through a repeat‐sales model reveals that values of residential property directly facing the elevated road decreased dramatically.

Date: 2006
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DOI: 10.1080/09599910601095365

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