Research On The Impact Of Urban Rail Transit On Residential Prices

As the main development direction of public transport,Urban Rapid Rail Transit(URRT)has gradually become an important force affecting the change of urban spatial form.URRT has a strong externality,especially for the impact on the surrounding housing prices.which has been widely concerned by local governments,real estate and residents.The construction of the profit model of URRT is an attempt to internalize its externality,and the in-depth study of the relationship between URRT and the surrounding housing price is the basis for the construction of its profit model.So,only by correctly understanding the impact of URRT on housing prices can we effectively promote the healthy and sustainable development of rail transit and surrounding real estate.Based on the theory of Marx differential rent and the analysis of housing price,the author researcher the impact of URRT on the surrounding housing prices.It is considered that the impact of URRT on housing price is mainly based on two levels: the impact of URRT on the formation of housing value and the impact of URRT on the formation of housing monopoly price.The impact of URRT on housing value is realized by affecting the differential rent of surrounding lands,and the land price is the capitalized land rent.It is an important part of the housing value.There are three ways for URRT to influence differential rent.One is to raise the differential rent I by improving the location of land surrounding the URRT.Two is to influence land's differential rent II by increasing the investment of the land.Three is the construction of URRT accelerates the development of the city economy and improves the economic and geographical location of the land,thus improves the differential rent.The influence of URRT on the formation of the house monopoly price is realized by the people's investment demand and the behavior of the landowners.On the one hand,the differential rent brought by rail traffic makes the surrounding houses have strong ability of maintaining value and increasing value.People's behavior of investment and speculation on the surrounding houses has a great influenceon residential monopoly price.On the other hand,due to the existence of property in land,land owner's behavior will further affect the housing price.For example,land owner can get the differential land rent brought by URRT through raising land prices,that has impacts on the monopoly price of housing,and using the land rent for urban infrastructure construction also has the influence on the monopoly price of the house.Based on the commonly used hedonic price model(HPM)in the research of housing price and the theoretical analysis,a HPM of the impact of the rail transit on the housing price was constructed from three aspects: location,neighborhood and building factors of the housing.the semi logarithmic model is selected to carry out an empirical analysis on Suzhou Metro Line 1.The empirical results show that the Suzhou Metro Line 1 has a positive impact on the surrounding residential price.But the extent of the impact has spatial differences.The degree of the impact of URRT on the housing price in the peripheral area is significantly higher than that in the central area.The empirical results confirm the theoretical analysis well.Finally,based on the theoretical analysis and empirical results,the author puts forward his own opinion on the possible reasons for the different conclusions between the scholars.