Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Estimating the impact of metro rail stations on residential property values: evidence from Tehran

Estimating the impact of metro rail stations on residential property values: evidence from Tehran Building a rail transit system into a neighbourhood generally raises expectations about the positive impact of the rail project on property values. Despite this general belief, the paper argues that the nature and magnitude of the effect vary depending on local and regional contextual factors. In this respect, the introduction of Tehran’s Metro Rail System (TMRS) between the low-income/run-down neighbourhoods on the south side and high-quality/affluent neighbourhoods on the north side of the city provides a suitable opportunity to examine this issue. Thus, the paper focuses on Shariati and Qolhak Stations in the northern parts, and Shohada and Shemiran Stations in the southern parts of the city, comparing price trends before and after the opening of the stations. The effect is estimated for treated and control properties of the metro stations using both trend analysis and a difference-in-differences model. Moreover, in order to identify the mediating contextual factors that influence the magnitude and direction of the impact, a survey is conducted close to the selected metro stations by means of qualitative methods of impact assessment. The paper found an overall negative effect of the metro stations on the sales value of residential properties located in Tehran’s affluent neighbourhoods. On the contrary, the effect is positive and high for properties located close to the southern stations in the poor and run-down neighbourhoods of the city. The qualitative survey indicates that this negative effect in the northern neighbourhoods may be due to such contextual factors as a lack of considerable demand for public transport, inappropriate land-use management, perceptions of crime and privacy, and nuisance effects. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Public Transport Springer Journals

Estimating the impact of metro rail stations on residential property values: evidence from Tehran

Forouhar, Amir
Public Transport , Volume 8 (3) – Nov 24, 2016
Download PDF
25 pages

Loading next page...
 
/lp/springer-journals/estimating-the-impact-of-metro-rail-stations-on-residential-property-UluwBefbV0

References (46)

Publisher
Springer Journals
Copyright
Copyright © 2016 by Springer-Verlag Berlin Heidelberg
Subject
Business and Management; Operation Research/Decision Theory; Automotive Engineering; Computer-Aided Engineering (CAD, CAE) and Design; Transportation
ISSN
1866-749X
eISSN
1613-7159
DOI
10.1007/s12469-016-0144-9
Publisher site
See Article on Publisher Site

Abstract

Building a rail transit system into a neighbourhood generally raises expectations about the positive impact of the rail project on property values. Despite this general belief, the paper argues that the nature and magnitude of the effect vary depending on local and regional contextual factors. In this respect, the introduction of Tehran’s Metro Rail System (TMRS) between the low-income/run-down neighbourhoods on the south side and high-quality/affluent neighbourhoods on the north side of the city provides a suitable opportunity to examine this issue. Thus, the paper focuses on Shariati and Qolhak Stations in the northern parts, and Shohada and Shemiran Stations in the southern parts of the city, comparing price trends before and after the opening of the stations. The effect is estimated for treated and control properties of the metro stations using both trend analysis and a difference-in-differences model. Moreover, in order to identify the mediating contextual factors that influence the magnitude and direction of the impact, a survey is conducted close to the selected metro stations by means of qualitative methods of impact assessment. The paper found an overall negative effect of the metro stations on the sales value of residential properties located in Tehran’s affluent neighbourhoods. On the contrary, the effect is positive and high for properties located close to the southern stations in the poor and run-down neighbourhoods of the city. The qualitative survey indicates that this negative effect in the northern neighbourhoods may be due to such contextual factors as a lack of considerable demand for public transport, inappropriate land-use management, perceptions of crime and privacy, and nuisance effects.

Journal

Public Transport – Springer Journals

Published: Nov 24, 2016

There are no references for this article.