UPSI Digital Repository (UDRep)
|
UPSI Digital Repository (UDRep)
|
|
|
| ||||||||||||||||||||||||
| Abstract : Universiti Pendidikan Sultan Idris |
| It is generally believed that a rail transit system plays a pivotal role in increasing land values, and subsequently, residential property values. Despite this general belief, there is considerably little empirical research on the impact of urban light rail transit systems on residential property values in developing countries setting. This study, therefore, investigates the impact of proximity to urban light rail transit on double-story terraced property values in the Greater Kuala Lumpur, Malaysia, using hedonic pricing model. The findings suggest there is a statistically positive and significant impact of urban rail transit on surrounding double-story terraced residential property values-estimated at a premium of 12.3% and 9.8% for properties located up to 1000 m and 1001-2000 m to the nearest light rail transit station respectively. The findings of the study are useful for investors and developers, namely to build more houses near urban rail transit infrastructure since they lead to significant appreciation in value. ? 2021 Gadjah Mada University. All rights reserved. |
| References |
Alonso, W. (1964). Location and Land use, Retrieved from www.scopus.com Boyce, D. E., Allen, B., Mudge, R. R., Slater, P. B., & Isserman, A. M. (1972). Impact of Rapid Transit on Suburban Residential Property Values and Land Development, Retrieved from www.scopus.com Cao, X., & Lou, S. (2017). When and how much did the green line LRT increase single family housing values in st. paul, minnesota? J.Plann.Educ.Res., , 1-10. Retrieved from www.scopus.com Chiu Chuen, O., Karim, M. R., & Yusoff, S. (2014). Mode choice between private and public transport in klang valley, malaysia. The Scientific World Journal, 2014 doi:10.1155/2014/394587 Debrezion, G., Pels, E., & Rietveld, P. (2006). The impact of rail transport on the real estate prices: An empirical analysis of the dutch housing market. The Impact of Rail Transport on Real Estate Prices: An Empirical Analysis of the Dutch Housing Market, Retrieved from www.scopus.com Dubé, J., Rosiers, F. D., Thériault, M., & Dib, P. (2011). Economic impact of a supply change in mass transit in urban areas: A canadian example. Transportation Research Part A: Policy and Practice, 45(1), 46-62. doi:10.1016/j.tra.2010.09.002 Dziauddin, M. F., Alvanides, S., & Powe, N. (2013). Estimating the effects of light rail transit (LRT) system on the property values in the klang valley, malaysia: A hedonic house price approach. Jurnal Teknologi (Sciences and Engineering), 61(1), 35-47. doi:10.11113/jt.v61.1620 Feng, C., Li, W., & Zhao, F. (2011). Influence of rail transit on nearby commodity housing prices: A case study of beijing subway line five. Dili Xuebao/Acta Geographica Sinica, 66(8), 1055-1062. Retrieved from www.scopus.com Forouhar, A. (2016). Estimating the impact of metro rail stations on residential property values: Evidence from tehran. Public Transport, 8(3), 427-451. doi:10.1007/s12469-016-0144-9 Golub, A., Guhathakurta, S., & Sollapuram, B. (2012). Spatial and temporal capitalization effects of light rail in phoenix: From conception, planning, and construction to operation. Journal of Planning Education and Research, 32(4), 415-429. doi:10.1177/0739456X12455523 Gu, Y., & Guo, R. (2008). Rail transit impacts on property values: Empirical study of batong line, beijing. Economic Geography, 28(3), 411-414. Retrieved from www.scopus.com Hewitt, C. M., & Hewitt, W. E. T. (2012). The effect of proximity to urban rail on housing prices in ottawa. Journal of Public Transportation, 15(4), 43-65. doi:10.5038/2375-0901.15.4.3 Lancaster, K. J. (1966). A new approach to consumer theory. Journal of Political Economy, 74(2), 132-157. Retrieved from www.scopus.com Mayor, K., Lyons, S., Duffy, D., & Tol, R. S. J. (2012). A hedonic analysis of the value of rail transport in the greater dublin area. Journal of Transport Economics and Policy, 46(2), 239-261. Retrieved from www.scopus.com Muth, R. F. (1969). Cities and Housing, Retrieved from www.scopus.com Neter, J., Wasserman, W., & Kutner, M. H. (1990). Applied Linear Statistical Models, Retrieved from www.scopus.com O'Sullivan, S., & Morrall, J. (1996). Walking distances to and from light-rail transit stations doi:10.3141/1538-03 Retrieved from www.scopus.com Pan, H., & Zhang, M. (2008). Rail transit impacts on land use: Evidence from shanghai, china doi:10.3141/2048-03 Retrieved from www.scopus.com Rosen, S. (1974). Hedonic prices and implicit markets: Product differentiation in pure competition. Journal of Political Economy, 82(1), 34-55. Retrieved from www.scopus.com Trojanek, R., & Gluszak, M. (2018). Spatial and time effect of subway on property prices. Journal of Housing and the Built Environment, 33(2), 359-384. doi:10.1007/s10901-017-9569-y Yan, S., Delmelle, E., & Duncan, M. (2012). The impact of a new light rail system on single-family property values in charlotte, north carolina. Journal of Transport and Land use, 5(2), 60-67. doi:10.5198/jtlu.v5i2.261 |
| This material may be protected under Copyright Act which governs the making of photocopies or reproductions of copyrighted materials. You may use the digitized material for private study, scholarship, or research. |