Train station planning and house prices interaction in Athens via hedonic modeling and spatial analysis

Polyzois Kanelleas (), Charalambos Kyriakidis (), Filippos Iliadis () and Anastasia Tsolaki ()
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Polyzois Kanelleas: Rural & Surveying Engineer, M.A. - GAIAOSE S.A.
Charalambos Kyriakidis: Spatial & Urban planner, M.Sc., Ph.D. candidate – N.T.U.A.
Filippos Iliadis: Spatial & Urban planner, M.Sc. - GAIAOSE S.A.
Anastasia Tsolaki: Bioclimatic Architect, M.Sc., Ph.D. candidate - GAIAOSE S.A.

Region et Developpement, 2018, vol. 48, 41-51

Abstract: This paper explores a framework that combines Spatial Analysis with the Hedonic Model-ling method identifying a possible spatial correlation between house prices and railway station areas. Several studies, regarding European and American cities, showed that properties near the railway stations tend to have higher prices than the properties which are more distant from them. To address this issue regarding Greece, this study focuses on the Athens Central Station (Stathmos Larissis). The study area was defined through a buffer zone of approximately 700 meters around Athens Central Station. Data, was mainly originated from different property sales websites in order to take into account the market prices today. Results were formed via a semi-log model and through the Ordinary Least Squares (OLS) method and Multi-Regression Analysis (MRA). The model results showed that properties near railway infrastructure and especially near the train station, tend to have lower prices than the ones that were distant. Thus, several actions can be proposed for the existing railway infrastructure and the neighboring areas in order to be upgraded and further developed.

Keywords: Hedonic modelling; Train Station; Athens; Multi-Regression Analysis; Residential prices (search for similar items in EconPapers)
JEL-codes: N33 N93 O18 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:tou:journl:v:48:y:2018:p:41-51

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