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Can Long-Distance Rail Accessibility Affect the Real Estate Market?
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Author(s): Francesca Pagliara (University of Naples Federico II, Italy)and John Preston (University of Southampton, UK)
Copyright: 2013
Pages: 12
Source title:
Geographic Information Analysis for Sustainable Development and Economic Planning: New Technologies
Source Author(s)/Editor(s): Giuseppe Borruso (University of Trieste, Italy), Stefania Bertazzon (University of Calgary, Canada), Andrea Favretto (University of Trieste, Italy), Beniamino Murgante (University of Basilicata, Italy)and Carmelo Maria Torre (Polytechnic of Bari, Italy)
DOI: 10.4018/978-1-4666-1924-1.ch014
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Abstract
Most studies present in the literature have analyzed local transit networks and their impacts on land values. Empirical studies of the effects of long-distance rail accessibility on real estate prices are relatively rare. The Channel Tunnel Rail Link in England is presented as an example of such impacts. Hedonic price theory is used to estimate the implicit price of each dependent attribute. Ad hoc catchment and control areas have been defined around the St Pancras High Speed station. The main outcome of this analysis is that access to High Speed Rail has an impact on residential property prices, while, with increasing distance from the station, other attributes affect residential property prices.
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