Impact Of Urban Rail Transit Construction On Real Estate Prices Along The Line

With the development of economy and urbanization in China,urban rail transit has also been in a peak period of development.The development of urban rail transit can alleviate the status of urban road traffic congestion to a certain extent,but the construction of urban rail transit requires the government to invest vast sums of money and personnel costs,resulting in the financial pressure can not be underestimated.In addition to alleviating traffic congestion and improving accessibility,the construction of urban rails can also lead to the appreciation in value of land and buildings along the line.The dividend is enjoyed by the developers,but it can not make up for the huge cost of the government.Taking Chengdu Metro Line 4 as an example,this paper studies the impact on the price of buildings along the line after the construction of the subway from the time effect and spatial effect.This paper first introduces the status quo of the subway at home and abroad,reviews the domestic and foreign literature in the field of urban rail transit,expounds the characteristics of urban rail transit and clarifies the concepts and theories of real estate,real estate price,landtax theory,location theory and so on.Then it analyzes how they affect the real estate price from the economic factors,social factors,policy and administrative factors,population factors,location factors,environmental factors,the real estate itself and other aspects.Then the difference in difference method is used to prove that the construction of Chengdu Metro Line 4 has pulling effect on the area along the line.Then it introduces the influence mechanism of urban rail transit on the real estate prices around the railway.Then it analyzes the model used in this paper,compared the origin,development and advantages and disadvantages of the traffic cost model and the hedonic price model,and selected the suitable model for the analysis of this paper.After selecting the model,the linear function form,logarithmic function form and semi-logarithmic function form are analyzed.Finally,the semi-logarithmic function form is selected for analysis.Taking Chengdu Metro Line 4 as an example,this paper makes an empirical analysis.Firstly,the development situation of urban rail transit of several big cities in China is introduced,focusing on the introduction of Chengdu Metro and Metro Line 4.In the range of 2 km,with 500 m as the boundary,four distance section are divided,252 building data along the line are collected,14 characteristic variables needed are set,andspecific data are collected and quantified.Then the collected data are brought into the model to make regression operation by SPSS and the relevant economic significance,statistics and econometric tests are carried out.The distance between the building and the city center,the distance between the nearest subway station,the number of bus routes within 400 meters,the size of the building area,the high and low floors,the decoration situation,the visibility of developers,orientation,volume ratio,afforestation ratio,the situation of hospitals,schools,parks within 1000 meters,and road conditions near residential areas are analyzed for the results.The positive or negative effects of these factors on housing prices are discussed.After introducing the characteristic variables of four distances,it is concluded that the value-added rate of Chengdu Metro Line 4 is 0.4% within 0-500 m,the average added value is 80.87 yuan,the value-added rate within 500-1000 m is 2.53%,the average added value is 460.71 yuan,the value-added rate within 1000-1500 m is 1.41%,the average added value is 234 yuan,and the value-added rate is 0.6% within 1500-2000 m.The rate is 65.76 yuan and so on,which has different effects in space.Then,through the influence of the average price of buildings along the five regions of Chengdu Line 4 at different time points,the paper lists and compares the data at the time of project establishment,construction,the opening and after a period of opening.It is concluded that the price of houses will be affected positively when the subway construction is established,and then it will fall temporarily caused by various construction problems during construction.Once the metro was put into operation,the price of house will rise quickly.After a period of time,the impact of subway will gradually fade away.In the end,this paper summarizes the results of the study and concludes that there are many factors affecting the real estate.Besides the greatest influence of the spatial effect in the range of 500-1000 m,the time effect of urban rail transit construction is the greatest after the subway is opened for a period of time.Moreover,the convenience it brings has a greater impact on remote land than in the district centres.