Spatio-temporal Effects Of Rail Transit On The Surrounding Newly-built House Price

Rail transit in our country got fast development, but the problem at present stage isthe capital shortage in the construction and operation of rail transit. Rail transitimproves the accessibility of urban area, and residential zones surrounding the sitegetting rapid appreciation with traffic convenience; the real estate developers enjoys thepositive externalities of house price appreciation causing by the rail transit. Therefore itthat the spatio-temporal effects of rail transit on the surrounding newly-built house priceis studied on the basis of Xi’an, has important adhibition and abstract meaning, whichwill convert outside effect part of the rail transit into internal effect, compensating thefinancial resources in the construction and operation.The object of study and research is clarified by analysing background andsignificance, summarizing the research status domestic and abroad. Second, themechanism of rail traffic on real estate values is analyzed by elaborating the rail transitcharacteristics and influencing factors of real estate values with the introduce of railtransit and Xi ’an residential development condition. Finally, the space and timedimension impact on housing prices about the subway line2is studied by selecting lefthalf logarithm of the hedonic model, based on the hedonic price model and itsapplication.Using cross-sectional data, taking the north part of Xi’an as an example, studyingthe spatial effect of ordinary stations and transfer stations on the price of surroundingnew residential zone, the empirical results show that: compare to the straight distance and the actual distance, the straight-line distance has more explanatory power ofresidential price characterization in residential-to-site distance; influence radius ofcommon station is1000m, transfer station is1500m, the farther away from the site, thesmaller subway brought its value-added prices; value of the ordinary station adds3.50%averagely, the maximum value-added in0-500m is4.29%, value of the transfer stationadds6.95%averagely, the maximum value-added in the0-500m is9.86%; bell towerhas less significant attractiveness of the surrounding residential price than ordinarystations. Based on time series data, this paper does time effect empirical research, theresults show that: With the plan approved, the constructed, operated, the site of theinfluence radius gradually increases, the value-added effect is increasingly obvious,particularly in the500m zone, which adds in7.04%during the operators in the one-yearperiod; the noise, traffic and other negative effects has no influence on the residentialprice raise during the rail traffic construction.Finally, the policy recommendations ofhigh-strength housing land development, government and real estate developers jointdevelopment，effective tax, reasonable choice of the timing and scale of land transfer ispreferred basing on the results.