Accessibility and property values in Hong Kong

Christopher D. Higgins, Jin Murakami and Sylvia Y. He

Chapter 18 in Handbook on Transport in Asia, 2025, pp 358-379 from Edward Elgar Publishing

Abstract: Accessibility plays a fundamental role in urban transformation by influencing urban land markets, residential property prices, and household location choices throughout a city. This rationale is particularly evident in some advanced Asian cities, including Hong Kong, where world-class rail transit systems and a high-density urban form combine to enhance accessibility and exemplify a particularly intense kind of transit-oriented development. Nonetheless, little is known about preferences for urban living settings due in large part to the uniqueness and complexity of urban activity distributions in Hong Kong and other advanced Asian cities. To better understand dwellers’ willingness to pay for access to a variety of urban activity destinations in Hong Kong's vertically developed residential property market, this research first calibrates an impedance function to data on transit trips and calculates multimodal network accessibilities utilizing a slope-aware 3D network. Next, using a database of property transactions, we employ spatial econometric models to estimate how accessibility to employment, non-work amenities, and greenspace is capitalized into residential property prices across Hong Kong. The research offers new insight into how property price effects vary according to different accessibility contexts.

Keywords: Transport accessibility; Transit-oriented development; Land value uplift; Spatial econometrics; Hedonic price model (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035309238
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