Influence of Urban Rail Transit on House Value: : Spatial Hedonic Analysis in Bangkok

概要

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The benefit of railway to the adjacent area has been well accepted; however to what extent it has influence over space is still questionable. The objective of this study is to examine the varying relationship between the property value and its determining factors such as accessibility to urban rail. A hedonic price model of medium-income-class housing in Bangkok taking into account the varying relationship (Geographically Weighted Regression, GWR) is estimated in reference to the standard regression model (Ordinary Least Square, OLS). The GWR model exhibits better performance and has revealed that the influence of urban rail transit having on the residential property (townhouse) value is substantially varying over space. This implies that urban railway has large contribution to land and property value uplift in the station catchment areas.