Comparison of Housing Price Elasticities Resulting from Different Types of Multimodal Rail Stations in Kaohsiung, Taiwan
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Yen-Jong Chen, Cheng-Kai Hsu
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International Real Estate Review
Constructing multimodal stations is one of the considered ways to implement transit-oriented development (TOD), with the goal of synergizing land use and transportation to promote both greater transit accessibility and sustainability in urban areas. Improvements in such accessibility have led to an uplift in land value and housing prices. These price changes have been primarily studied by analyzing the effects of proximity to stations of a single line or multi-line mass rapid transit (MRT) system. However, little attention has been paid to investigating the effects of different types of multimodal MRTs and railway joined stations. The aim of this study is to investigate the different types of multimodal stations in Kaohsiung City, Taiwan. We use publicly available housing transaction data to construct hedonic price models. The results show that in the Kaohsiung MRT stations, an increase of 100 m in distance from the stations results in a TWD 258,0001 decrease in the average housing price. The housing price elasticity with respect to a 1% increase in distance from these stations is −0.067%.
Transit-Oriented Development (TOD), Multimodal Station, Housing Prices, Kaohsiung MRT