Bus rapid transit impacts on land uses and land values in Seoul, Korea

Cervero, Robert; Kang, Chang Deok

doi:10.1016/j.tranpol.2010.06.005

Cited by 321 publications

(222 citation statements)

References 23 publications

(15 reference statements)

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“…However, they also found that properties located less than 5 min walk away from the stops were valued 8.7% higher than those located between 5 and 10 min walk away concluding that households were prepared to pay more to be located close to the BRT system. Cervero and Kang (2011) used multilevel hedonic regression to estimate the capitalisation of introducing a new BRT system in Seoul, South Korea and found increases in property values of up to 10% for residents less than 300 m from a stop on the network.…”

Section: Bibliographic Reviewmentioning

confidence: 99%

Modelling transport and real-estate values interactions in urban systems

Ibeas

Cordera

dell’Olio

et al. 2012

Journal of Transport Geography

115

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a b s t r a c tThis article presents hedonic Multiple Linear Regression models (MLR), spatial autoregressive hedonic models (SAR), Spatial autoregressive hedonic in the Error term Models (SEMs) and spatial Durbin hedonic models (SDMs) to estimate house price variations in metropolitan areas as a result of changing environmental and accessibility conditions. The goodness of fit of the different models has been compared along with a series of hypotheses about the performance of the specifications considering spatial relationships between observations. The case study for such analysis was the urban area of Santander (Spain). The models which considered spatial dependence between observations offered a greater degree of fit in a scenario showing strong spatial correlation in MLR residuals. The SEM model combined with a QueenContiguity matrix provided a good fit to the data and at the same time presented significant parameters with theoretically coherent signs. This model estimated increases of 1.8% for each additional transit line present in the areas of housing, as well as a reduction of 1.1% in their prices for each additional minute in travelling time to the Central Business District. Closeness to the train stations, however, implied reductions in house prices.

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Section: Bibliographic Reviewmentioning

confidence: 99%

Modelling transport and real-estate values interactions in urban systems

Ibeas

Cordera

dell’Olio

et al. 2012

Journal of Transport Geography

115

View full text Add to dashboard Cite

show abstract

“…In another study from Bogotá, Muñoz-Raskin also used asking prices for properties and found that properties within a five-minute walk of the BRT lines were valued more highly than those within a five-to 10-minute walk [23]. In Seoul, Cervero and Kang used assessed values and found premiums of 10 percent for residences within 300 meters of BRT stations [24]. Mulley examined the BRT system in Sydney, and found that prices were primarily determined by the characteristics of the properties and the neighborhood features; however, small effects were found for access times to the BRT transitway [25].…”

Section: Empirical Applications and Other Related Workmentioning

confidence: 99%

mpacts of Bus Rapid Transit (BRT) on Surrounding Residential Property Values

Perk¹,

Catala²,

Mantius³

et al. 2017

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Type of Report and Period Covered Sponsoring Agency Code Supplementary Notes AbstractAs bus rapid transit (BRT) grows in popularity in the United States, a better understanding of the mode's impacts on land uses and property values is needed. Economic theory suggests, and literature has shown, that people are willing to pay higher housing costs to lower their costs of transportation to areas of economic activity. Does high-quality BRT service reliably provide such access and, thereby, increase residential property values? The hypothesis is that property values are higher closer to BRT stations, reflecting a premium for the access provided by the BRT service to various goods, services, employment, education, and recreation. There has been some work on this topic outside of the U.S.; however, due to various cultural, social, and institutional differences, those experiences may not be applicable to U.S. property values. The literature includes, to date, very little work on U.S. BRT systems' impacts on property values using robust econometric techniques and/or spatial modeling. Further, because every BRT system is different, it is necessary to analyze additional case studies to provide a more robust understanding of how modern U.S. experiences with BRT services may affect surrounding property values. This research contributes to the relatively small body of literature on property value impacts of BRT in the U.S. by conducting a case study on Lane Transit District's EmX BRT service (Eugene, Oregon) using econometric modeling techniques to estimate changes in property values associated with the BRT. The analysis is based on hedonic price regression analysis, where sale prices are modeled using several property characteristics that contribute to the market or sale price. The findings of this research indicate that the EmX BRT system does positively impact surrounding single-family home sale prices. Results are statistically significant yet, as expected, relatively small in magnitude. An interesting finding is that the impact of the EmX stations on property values increased in each of the three periods examined in this study. For 2005 single-family home sales, the price increased $823 on average for every 100 meters closer to a station. In 2010, the marginal impact increased to an average of $1,056 for every 100 meters closer to a station. In 2016, every 100 meters closer to a station adds an average of $1,128 to a home's sale price. These results provide further insight into how BRT services can enhance the livability and economic development in a community, and provide policymakers and the transit industry throughout the U.S. with the best information possible to make informed transit investment decisions in their communities.

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“…For bus services, it is easy to understand that their impacts on spatial form and land use patterns are limited because, in contrast to many rail systems, it is difficult for buses to provide any appreciable accessibility benefits, and high use of private vehicles makes this benefit negligible (Cervero and Kang 2011). Cao and Hough (2012) found that in North Dakota, buses had no significant impact on land value.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Rodriguez and Mojica (2008) found that for residences that already had benefited from the service in 2000, housing prices increased, on average, by 15-20%. In addition, Cervero and Kang (2011) found that in Seoul, within 300 m buffers of BRT stops, 10% of the residential house premiums resulted from BRT service. However, for some areas where BRT services were not well-managed or lanes were confined by urban spatial form or local policy, no significant impacts of BRT on land values were observed (Vuchic 2002;Cervero and Duncan 2004).…”

Section: Literature Reviewmentioning

confidence: 99%