Research On The Impact Of Urban Rail Transit On Residential Property Price

With the opening of Beijing metro line 1 in 1971,China’s public rail transit has grown from scratch.Today,China’s major cities continue to expand,urban space continues to increase,and a relatively complete rail transit system has been established to further promote the construction of urbanization.However,the development and expansion of public rail transit has brought huge financial pressure to the local government departments.China’s rail transit is priced at a relatively fair price,and the income from operation often cannot make up for the investment,construction and daily operation expenses,so it often needs government subsidies.The research on the influence of urban rail transit on the housing price along the route can provide reference for the joint development of rail transit and real estate,and then improve the construction and operation mode of rail transit.With the improvement of the urban public rail transit system,certain commercial resources are gathered along the line,thus forming enterprises with the characteristics of the track.Among them,the real estate enterprises which rely on the rail transit as their selling point,in the same area,the housing price along the rail transit is obviously higher than that along other non-line housing,but the housing price along the line is not similar.For external regulators,such as the housing authority,the construction commission and external auditors,it is better to define the impact of rail transit on housing prices.This paper focuses on the study of how rail transit affects the real estate value and whether the impact of rail transit on the real estate value will be different due to the rail development cycle and the nature of the subway station.With the improvement of the urban public rail transit system,certain commercial resources are gathered along the line,thus forming enterprises with the characteristics of the track.Among them,the real estate enterprises which rely on the rail transit as their selling point,in the same area,the housing price along the rail transit is obviously higher than that along other non-line housing,but the housing price along the line is not similar.For external regulators,such as the housing authority,the construction commission and external auditors,it is better to define the impact of rail transit on housing prices.This paper focuses on the study of how rail transit affects the real estate value and whether the impact of rail transit on the real estate value will be different due to the rail development cycle and the nature of the subway station.The current study of rail transit for the real estate value at the space effect,this article selects the more distinctive along the metro line no.8 and residential area as the research object,using feature price method research analysis,respectively study of rail transit for the real estate value of the space effect and time effect of the different effects and impact.The main conclusions of this study are as follows:1.It is feasible to use the feature price method to study the real estate valuation,and use the feature price method to calculate the real estate valuation expressions on the spatial effect and time series respectively;2.The influence law of inverted "U" shape appears in the residential communities along subway line 8 with the distance from the subway station.When the distance from the station is 1500 meters,line 8 has the highest valuation premium for the residential communities.3.The influence of metro line 8 on the real estate valuation along the line appears the phenomenon of sub-market;4.The construction period of metro line 8 has a negative impact on the real estate valuation along the line;5.During the operation period of metro line 8,it has a value-added effect on the real estate valuation along the line;The effect of the construction period of metro line 8 is less than that of the operation period.During the construction period,the effect of line 8 within 500 meters from the site is the most significant,while the effect of line 8 within 1500 meters from the site is the most significant during the operation period.