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Subway capitalization effect in Beijing: Theory and evidence on the variation of the subway proximity premium.
- Source :
-
Papers in Regional Science . Aug2017, Vol. 96 Issue 3, p495-518. 24p. - Publication Year :
- 2017
-
Abstract
- This paper analyses the relationship between community attributes and the subway home-price capitalization effect, asking whether the magnitude of the subway proximity premium is affected by neighbourhood economic status and location. Using longitudinal data from Beijing, the paper estimates that decreasing a community's distance to a subway station by 10 per cent increases the housing price per square metre by 0.2 per cent ~ 0.9 per cent. The paper also shows that, subway capitalization effect is around 0.1 per cent ~ 0.2 per cent lower for communities that have higher quality and charge a 1 Yuan higher property management fee. Moreover, the analysis also reveals that the subway capitalization will decrease by around 0.08 per cent as a community's distance to the central business district (CBD) increases by 1 km. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 10568190
- Volume :
- 96
- Issue :
- 3
- Database :
- Academic Search Index
- Journal :
- Papers in Regional Science
- Publication Type :
- Academic Journal
- Accession number :
- 124562725
- Full Text :
- https://doi.org/10.1111/pirs.12203