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- Title
Subway capitalization effect in Beijing: Theory and evidence on the variation of the subway proximity premium.
- Authors
Wang, Xiyan (Jamie)
- Abstract
This paper analyses the relationship between community attributes and the subway home-price capitalization effect, asking whether the magnitude of the subway proximity premium is affected by neighbourhood economic status and location. Using longitudinal data from Beijing, the paper estimates that decreasing a community's distance to a subway station by 10 per cent increases the housing price per square metre by 0.2 per cent ~ 0.9 per cent. The paper also shows that, subway capitalization effect is around 0.1 per cent ~ 0.2 per cent lower for communities that have higher quality and charge a 1 Yuan higher property management fee. Moreover, the analysis also reveals that the subway capitalization will decrease by around 0.08 per cent as a community's distance to the central business district (CBD) increases by 1 km.
- Subjects
BEIJING (China); CHINA; SUBWAYS; REAL property; HOUSING; CENTRAL business districts; TWENTY-first century; REAL property sales &; prices; ECONOMICS; ECONOMIC conditions in China
- Publication
Papers in Regional Science, 2017, Vol 96, Issue 3, p495
- ISSN
1056-8190
- Publication type
Article
- DOI
10.1111/pirs.12203