Assessing the Impact of Road Traffic Externalities on Residential Price Values: A Case Study in Madrid, Spain

Francisco Guijarro
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Francisco Guijarro: Research Institute for Pure and Applied Mathematics, Universitat Politècnica de València, 46022 Valencia, Spain

IJERPH, 2019, vol. 16, issue 24, 1-13

Abstract: This paper describes a study of the relationship between undesired road traffic externalities and residential price values in the Spanish city of Madrid. A large database was gathered, including the price and characteristics of 21,634 flats and road traffic intensity at 3904 different points across the city. The results obtained by a hedonic model suggest that both distance from the traffic measurement point and average daily traffic are significantly related to the price of residential properties, even after controlling for structural and neighbourhood variables. Distance to traffic areas has a positive impact on dwelling prices, whilst these are negatively related to traffic intensity.

Keywords: road traffic; residential price; hedonic model; traffic externalities (search for similar items in EconPapers)
JEL-codes: I I1 I3 Q Q5 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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