不同类型地铁站点对住宅价格的影响差异--以成都为例

The Impacts of Different Types of Metro Stations on Property Prices:The Case of Chengdu City

地铁是促进居民低碳出行、解决城市交通及一系列衍生问题、有助于实现碳达峰、碳中和目标的重要交通方式。作为大型城市交通基础设施和地方公共产品,地铁提高了站点地区的可达性,可能产生经济外部性,如提升土地和房地产价格。大量研究关注此话题,但是它们较少考虑站点类型的差异,比如区分换乘站、首末站和常规站。因此,本研究基于成都2019年已开通的6条地铁线路周边2.5 km范围内2535个小区的27814个交易住宅样本,构建了双层随机截距特征价格模型,估计了各个住宅特征的影子价格,对比换乘站、首末站和常规站对住宅价格的影响差异。实证结果表明:地铁正向影响周边房价,带来增值效应;邻近换乘站与房价正相关;邻近首末站与房价负相关;换乘站的增值效应远大于常规站;首末站的增值效应和常规站无显著差异。最后,围绕土地价值捕获的政策制定进行了讨论。

In the era of sustainable development,shaping travel demand,reducing car travel,and developing an accessible,affordable,and green transit system have frequently been perceived as essential transport planning objectives.The metro is a popular transit mode characterized by high speed,high efficiency,safety,sizeable passenger-carrying capacity,and environmental friendliness.It is an essential component of a green,sustainable urban transport system and a favorable and desirable alternative to the private car,which is extensively identified as a culprit of a wide variety of contemporary transport-related problems,such as traffic congestion,traffic accidents,air/noise pollution,environmental degradation,diminishing ecological amenities,and high energy consumption.It is often considered to have the potential to promote sustainable travel for residents and resolve the problems noted above,thereby contributing to the attainment of two carbon emissions-reduction targets recently stated by Chinese President Xi Jinping,namely carbon emission peak before 2030 and carbon neutrality before 2060.Owing to numerous favorable features of the metro,China and many other countries are undergoing rapid metro construction and transit-oriented development(TOD)now.As a quintessential large-scale transport infrastructure and local public goods,the metro improves urban mobility,especially the accessibility and connectivity level of its catchment area.Therefore,it may bring about positive externality and impact positively on the prices of houses(residential properties)located within its catchment area because most residents are eager to live in the area with high metro accessibility from the perspective of quality of life and thus willing to pay higher prices for houses in such an area.Indeed,various previous studies have scrutinized the interaction between the metro and house prices,and they do reap rich fruits.However,very few considered the difference in metro station types(e.g.,transfer station,terminal station,or regular station),which may result in markedly different price premiums.A comprehensive understanding of the difference is essential as it is the first step to implementing land value capture schemes.Hedonic pricing models assume that property prices are the summation of component prices of a bundle of attributes and thus regress house prices onto a set of hedonic characteristics,such as gross floor area,age,distance to the city center,and neighborhood amenities.They are the most popular technique for real estate valuation studies.To address the above issues,based on 27814 house transaction samples in 2535 residential districts situated along six metro lines opened before 2019 in Chengdu,we develop a battery of two-level(random-intercept)hedonic pricing models to estimate the shadow prices of various house attributes and compare the differences in the price effects of transfer,terminal,and regular metro stations.The empirical findings of this study are consistent with our expectations.They include the followings:1)the metro positively affects nearby house prices,which agrees with the existing literature;2)adjacency to transfer stations is positively associated with house prices;3)adjacency to terminal stations is negatively related to house prices because terminal stations are predominately located in the suburban area;4)transfer stations have a larger impact on house prices than regular stations;and 5)the price effect of terminal stations is not statistically different from that of regular stations.Although the first finding has been extensively pointed out in a voluminous body of the literature,the other four conclusions have rarely been identified and thus act as the unique contribution of this paper.Accordingly,policy and practical implications on land value capture are proposed.This study can do some help in promoting the green and low-carbon development of urban transport,determining the right policies for sustainable transportation,designing creative financing methods(e.g.,land value capture schemes),and attaining the carbon neutrality target.