The Impact of Railway Stations on Residential and Commercial Property Value: a Meta Analysis

Ghebreegziabiher Debrezion (), Eric Pels and Piet Rietveld
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Ghebreegziabiher Debrezion: Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam
Eric Pels: Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam

No 04-023/3, Tinbergen Institute Discussion Papers from Tinbergen Institute

Abstract: This discussion paper resulted in an article in the Journal of Real Estate Finance and Economics (2006). Volume 35, pages 161-180.

Property values are affected by the properties’ physical, accessibility and environmental features. Railway stations function as nodes in transport networks and places in an urban environment. They have accessibility and environmental impacts, which contribute to property value. The literature on the effects of railway stations on property value is mixed in its finding in respect to impact magnitude and direction, ranging from a negative to an insignificant or a positive impact. This paper attempts to explain the variation in the findings by meta-analytical procedures. Generally the variations are attributed to the nature of data, particular spatial characteristics, temporal effects and methodology. The data can vary in relation to the type of property under study. Some indication is found to support the assertion that commercial properties enjoy a higher positive impact compared to residential properties. Commuter railway stations have a consistently higher positive impact on the property value compared to light and heavy railway/Metro stations. The inclusion of other accessibility variables (such as highways) in the models reduces the level of reported railway station impact. However this effect becomes insignificant for properties within a quarter-mile of the station, leaving the railway station as a major accessibility point. Our analysis did not find a significant effect of spatial and temporal factors.

Keywords: property value; railway station; accessibility; light railways; heavy railway/ Metro; commuter railway; meta-analysis (search for similar items in EconPapers)
Date: 2004-02-23
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis (2007)
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