THE IMPACT OF URBAN RAIL TRANSIT SYSTEMS ON COMERCIAL PROPERTY VALUES: A SYSTEMATIC LITERATUR REVIEW
Keywords:urban rail transit systems, commercial property, systematic literature review, hedonic pricing model, longitudinal approach
AbstractEvidence is mounting to suggest a highly significant positive relationship between proximity to urban rail transit and commercial property values. The purpose of this systematic review therefore is to assess and provide a systematic overview on current knowledge about the impact of urban rail transit on commercial property values. This systematic review evaluates and finally selected a total of 19 journal articles on the impact of urban rail transit on commercial property values. Findings of previous studies show that although the impact of rail transit on commercial property values is generally positive, there is inconsistency in terms of the impact size and direction. The inconsistency of the findings of previous studies is influenced by several factors, such as the selection of the catchment area, the treatment of time, the study design, the method of analysis, the type of urban rail transit and internal and external factors. The positive and significant impacts of urban rail transit on commercial property values are shown by the majority of studies using an observation area situated 400 metres from the station. The majority of previous studies also chose to adopt a longitudinal research approach and use the hedonic pricing model. Greater positive and significant impacts are also shown by the majority of studies whose case studies were heavy rail transit. Finally, factors such as the physical characteristics of the building, the neighbourhood and the environmental characteristics of a location also contribute to the differences in the findings of the studies.
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