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The impact of urban rail transit on commercial property value: New evidence from Wuhan, China

Lookup NU author(s): Dr Paulus AditjandraORCiD

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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY-NC-ND).


Abstract

The interaction between rail transit and the urban property market is a vital foundation for planning transit-based policy such as Value Capture and Transit Oriented Development (TOD). Yet only few studies have reported the impact of transit access on commercial property value. This paper presents empirical evidence from Wuhan, China, to enrich the knowledge in the subject area. Spatial autoregressive models were employed to estimate the commercial value capture, based on 676 observations along Wuhan's metro rail line through the main business districts. Value appreciation was discovered within the 400m radius of road network distance from Metro stations. The transit access premiums present as two tiers: 16.7% for the 0-100m core area and approximately 8.0% within the 100-400m radius. The result demonstrates the potential benefit of adopting value capture and optimising TOD planning to support sustainable urban rail transit investment. Amid rapid urbanisation in China, the evidence reported here could hep better inform cities, across the developing world and beyond, of the benefits of adopting rail transit-based policy.


Publication metadata

Author(s): Xu T, Zhang M, Aditjandra PT

Publication type: Article

Publication status: Published

Journal: Transportation Research Part A: Policy and Practice

Year: 2016

Volume: 91

Pages: 223-235

Print publication date: 01/09/2016

Online publication date: 12/07/2016

Acceptance date: 29/06/2016

Date deposited: 04/07/2016

ISSN (print): 0965-8564

ISSN (electronic): 1879-2375

Publisher: Elsevier

URL: http://dx.doi.org/10.1016/j.tra.2016.06.026

DOI: 10.1016/j.tra.2016.06.026


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Funding

Funder referenceFunder name
295045PEOPLE MARIE CURIE ACTIONS:PUMAH (Planning, Urban Management and Heritage) Project (FP7-PEOPLE-IRSES) - European Union Seventh Framework Programme ([FP7])
51278395China's National Natural Science Foundation

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