Effect Research Of Metro On Residential Price Based On Hedonic Price Model

Recent years, urban rail transit has been rapid development in our country. Urban rail transit can relieve urban traffic, meanwhile, it has a huge external economic benefit to the city. The significant benefit is to promote the surrounding land value and real estate prices.This paper studied the domestic and foreign scholars about the relationship between rail transit and real estate value before research. Several works have done on the basis of these researchs. First, summarized the influencing factors of the value of real estate and analyze the impact mechanism of subway, including the location effect, economic effect, space effect and social effect. Second, analysis the current situation of the development of subway, macro economic development and the real estate market of Nanjing. Based on above, this paper takes line 3 subway train of Nanjing as example to analyze the impact of subway on the price of surrounding houses. Third, careful contrast of three common computational models of appraisal of real estate, including transportation cost models, demand function integrated expenditure system model and hedonic model, we choose hedonic model as this article research model forms. Fourth, establishes hedonic model based on the actual situation of the real estate market in Nanjing and 22 price factors from the aspects of time variable, location characteristic variables, neighborhood characteristic variables and structural feature. Fifth, taking Arc GIS10.1 as a platform to establish space database. With statistical analysis software separately from spatial and temporal effects to analysis the selected data.Through the analysis we can drawn: residential property prices and distance between the housing and the subway is inversely proportional when excluding other influencing factors, only consider the subway this one factor. The influence of the subway effect disappeared when the house is far away from subway site. On the other hand, the analysis of time effects show: line 3 subway train brings a positive influence on the rate of change to the surrounding real estate.