Urban Rail Transit in Bangkok: Chronological Development Review and Impact on Residential Property Value

Varameth Vichiensan, Vasinee Wasuntarasook, Yoshitsugu Hayashi, Masanobu Kii and Titipakorn Prakayaphun
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Varameth Vichiensan: Department of Civil Engineering, Faculty of Engineering, Kasetsart University, Bangkok 10900, Thailand
Vasinee Wasuntarasook: Department of Civil Engineering, Faculty of Engineering, Kasetsart University, Bangkok 10900, Thailand
Yoshitsugu Hayashi: Center for Sustainable Development and Global Smart City, Chubu University, Kasugai 487-8501, Japan
Masanobu Kii: Faculty of Engineering and Design, Kagawa University, Takamatsu 761-0396, Japan
Titipakorn Prakayaphun: Department of Constructional Engineering, Graduate School of Engineering, Chubu University, Kasugai 487-8501, Japan

Sustainability, 2021, vol. 14, issue 1, 1-23

Abstract: Bangkok suffered from the world’s worst traffic congestion in the 1990s due to rapidly increasing car ownership, reflecting the economic growth and road-dependent transport policy beginning in the 1960s. Due to its monocentric but scattered urban structure, traffic congestion is severe, causing tremendous economic loss, deteriorating air quality, and badly affecting the quality of life. A historical review reveals that the urban and transport plan and development were not efficiently coordinated, resulting in unorganized suburbanization and progressively more severe traffic congestion. It is important to reveal the impact of the transportation project on the housing market in order to incorporate the policies for transportation and urban development. To define the impact, the OLS hedonic price model and the local multiscale geographically weighted regression (MGWR) model were estimated, along with the condominium sales data. The results revealed that the impact of rail transit on a rise in property value significantly varied across the study area. It was estimated that, for the area along the major rail transit corridor in the city center, a premium of a location 100-m closer to the station would be more than 200 USD per square meter. At the same time, the value would be less than 80 USD for the area along the rail corridor in the suburb. These findings provide policy insights for future urban and railway development, including the proper coordination of rail transit development and urban development with subcenters, transit-oriented development, and improved pedestrian flow around transit stations.

Keywords: urban rail transit; spatial effect; hedonic price model; geographically weighted regression; Bangkok (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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