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The Impact of Urban Rail Transit on Surrounding Residential Prices--Line 1 of Chengdu Metro as an Example

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Author(s): Xin Wei | Wei kang Zhang | Cheng Wang | Guang jun Xu

Journal: Modern Applied Science
ISSN 1913-1844

Volume: 6;
Issue: 3;
Date: 2012;
Original page

ABSTRACT
This article aims to build a hedonic price model of the research region by making a summary of relevant research in this field, and taking the running Line 1 of Chengdu Metro as an example. To be specific, the research discusses the influence of Line 1 of Chengdu Metro on surrounding residential prices taking samples of the estates within 2 km of Line 1 within a spatiotemporal perspective. The results shows that: after the operation of Line 1 (from July in 2010 to June in 2011), the growth rate of the residential prices has been increased by 5.89%, 9.44%, 12.45% and 11.03% from 1st ring to the third ring respectively, reaching at an average rising rate of 9.51%. Besides, the residential prices far away from the downtown area were more likely to be found ahead than those around the city center and represented a far more sensitivity to the metro operation. By quantitative calculating, it finds that: regions that are closer to subway stations per meter from 1st ring to the third, the residential prices increased 0.91 Yuan/m2, 1.16 Yuan/m2 and 1.21 Yuan/m2, respectively. At the same time, Line 1 of Chengdu Metro has been increased a total number of 7.814 billion Yuan up to now of surrounding residential value.
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