The Impact Of High-speed Railway On Urban Housing Prices

The real estate industry plays a decisive role in the development of the national economy,which brings about a significant influence on the macroeconomic trend of our country.However,with the rapid development of the real estate market,the rapid rise in house prices has brought a series of negative problems.The price of residential commercial housing shows a huge spatial difference in first-tier cities,new first-tier cities and second-tier cities.The price in first-tier cities is about 3-6 times higher than that in second-tier cities;Commercial housing price is too high,which causes huge pressure on residents who want to buy houses and causes living level dropping down,which may even crowd out the population and which may also have a crowding-out effect on the location of companies and the employment of workers,which will further have unhealthy effects on urban development.Since the founding of New China,the rapid development of China‘s infrastructure has created a ?miracle of infrastructure growth.? As a new type of rapid passenger transportation infrastructure,the high-speed railway not only saves a lot of time for passengers,but also expands the reach of travel,which promote the development of the regional economy.Accompanied by the nationwide construction of high-speed railways,it has obviously promoted the rise of the average national commercial housing price.However,this is in contrast with the original intention of the state to regulate commercial housing price.How can high-speed rails not only promote economic development,but also maintain stable commercial housing price,and strike a balance between the two? If we can find out which channel the high-speed rails specifically affect the urban housing price,this will provide a way to establish a long-term mechanism to control housing price,and it has a very important practical significance for the regulation of housing price.Therefore,in this paper,35 cities in China from 2003 to 2015 are used to study the impact of the opening of the high-speed railway on urban housing prices.A quasi-natural experiment was constructed through the policy of high-speed railways being gradually opened year-by-year: prefecture-level cities where high-speed rails pass are more affected by high-speed rails,which are considered as experimental groups;cities without high-speed rails can be considered as control groups.A Difference in Difference model was constructed to eliminate the difference in initial economic development levels between the experimental group and the control group,while this method can also exclude other events generate the same influence on the experimental group and the control group,so as to identify the policy effect of the high-speed train on the housing price more accurately.The study found that: The opening of high-speed rail does increase the prices of urban commercial housing and residential commercial housing.The impact mechanism may be that high-speed rails affect urban housing prices by promoting industrial agglomeration and population agglomeration.It is worth noting that the opening of the high-speed rail has no impact on the average annual salary of urban employees in the opening of high-speed rails,probably because the opening of the high-speed rail will bring about industrial agglomeration and can bring a lot of employment opportunities to the city,that is,the increase in labor demand;at the same time,the opening of high-speed rail also brought a lot of labor to the city,that is,the city's labor supply has also increased.Based on the above analysis,it can be concluded that high-speed railways may affect urban housing prices through the promotion of industrial agglomeration and population concentration.Specifically,on the one hand,the construction and opening of high-speed railways has promoted the agglomeration of industries and this accumulation has increased the demand for commercial land and commercial housing,which in urban areas has brought about an increase in competition in the land market,having led to an increase in land prices,and thus this has led to an increase in the prices of commercial housing;On the other hand,high-speed rail has promoted industrial agglomeration,at the same time increasing employment opportunities,and this then have further promoted the concentration of labor forces into cities.The increase in the number of employed people in cities has led to an increase in the actual effective demand for residential commercial housing,which has led to an increase in the prices of residential commercial housing.