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Lookup NU author(s): Dr Paulus AditjandraORCiD
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY-NC-ND).
The interaction between rail transit and the urban property market is a vital foundation for planning transit-based policy such as Value Capture and Transit Oriented Development (TOD). Yet only few studies have reported the impact of transit access on commercial property value. This paper presents empirical evidence from Wuhan, China, to enrich the knowledge in the subject area. Spatial autoregressive models were employed to estimate the commercial value capture, based on 676 observations along Wuhan's metro rail line through the main business districts. Value appreciation was discovered within the 400m radius of road network distance from Metro stations. The transit access premiums present as two tiers: 16.7% for the 0-100m core area and approximately 8.0% within the 100-400m radius. The result demonstrates the potential benefit of adopting value capture and optimising TOD planning to support sustainable urban rail transit investment. Amid rapid urbanisation in China, the evidence reported here could hep better inform cities, across the developing world and beyond, of the benefits of adopting rail transit-based policy.
Author(s): Xu T, Zhang M, Aditjandra PT
Publication type: Article
Publication status: Published
Journal: Transportation Research Part A: Policy and Practice
Year: 2016
Volume: 91
Pages: 223-235
Print publication date: 01/09/2016
Online publication date: 12/07/2016
Acceptance date: 29/06/2016
Date deposited: 04/07/2016
ISSN (print): 0965-8564
ISSN (electronic): 1879-2375
Publisher: Elsevier
URL: http://dx.doi.org/10.1016/j.tra.2016.06.026
DOI: 10.1016/j.tra.2016.06.026
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