Toll roads and economic development: exploring effects on property values

Abstract

R40, R14, R12, O12,

Highway investment in deindustrialization: A territorial analysis of office property transactions in Hong Kong, 2002–2013

“…Recently, there has been increased interest in the capitalization effects of alternative highway projects, such as toll road construction and elevated freeway deconstruction, which are expected to curb excess mobility and improve urban amenity in post-industrial economies. Some experiences of new high-occupancy toll roads with variable pricing after the late 1990s began to ease traffic congestion and raise housing values near highway interchanges in US suburbs (Boarnet and Chalermpong, 2001;Vadali, 2008). By contrast, the physical removal of elevated highway infrastructure has been adopted progressively as a catalyst for urban regeneration in the central waterfront districts of deindustrializing cities, such as San Francisco and Seoul (Cervero, 2009).…”

Design and evaluation of road pricing: state-of-the-art and methodological advances

“…The long-term economic development effects of road pricing can be expressed through changes, especially increases, in property values, both in urban areas [184] and corridors along tolled highways [363], wages and regional GDP [311], and employment and national GDP [22,195]. The positive effects on economic development are particularly evident after reinvesting revenues to address competition imperfections, distortional taxes and adverse social and spatial equity impacts.…”

“…Other, aggregate approaches include the use of simple elasticity measures [150], generalized cost functions [139] and production functions, such as those of Cobb-Douglas type [391] to determine the business ability of substitution among various types of labor, capital and intermediate inputs to offset congestion costs. Additional evaluation methods at the aggregate level encompass spatial, time-series and panel data econometric models [166,295,363], multi-criteria decision-making models [1], cost-benefit analysis [298], integrated economic, land-use and transport models [311,331,382], and macroeconomic models with integrated transport models [148,195]. In addition to these approaches, the performance evaluation and benchmarking of the rapidly expanded toll road projects would help identify efficiency and technical changes and isolate input and output growth contributions to their productivity change [242,273].…”

Challenges in Administering Property Value Capture in Tanzanian Cities

“…The increase in value start being experienced even before the infrastructure has been built. For instance, it was found in Santiago, soon after the announcement of the plan to have metro constructed housing prices increased between 4.2 and 7.9 percent and after actual construction, the further rise of between 3.1 and Open Journal of Business and Management 5.5 percent was recorded [32]. As to the scale of immediate impact areas, studies indicate the distance of 800 meters for train station [33], 100 meters of rapid bus corridors [34], and generally for a percentage decrease in travel time to the CBD, by automobile increases property price by 0.07 to 0.7 per cent [16].…”