Time-dependent associations between accessibility to tram stops, proximity to tram tracks, and property prices: From construction to operation

IF 4.1 2区工程技术 Q2 BUSINESS

Research in Transportation Business and Management Pub Date : 2025-01-08 DOI:10.1016/j.rtbm.2025.101286

Linchuan Yang , Senke Bi , Ya Zhao , Yuan Liang , Ruoyu Wang

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引用次数: 0

Abstract

Research on how accessibility to tram stops and proximity to tram tracks affect property prices has been limited. Additionally, the time-dependent effects of the tram system and its effects at different price levels remain underexplored. This study fills these gaps by analyzing the relationship between Chengdu Tram Line 2 and nearby property prices. Using a before-and-after treatment-control design and a dataset of 33,150 property transactions over six years, it applies multilevel hedonic price, difference-in-differences (DID), and quantile regression models to investigate the association between accessibility to tram stops, proximity to tram tracks, and property prices during various phases (e.g., construction and operation phases). Our findings are listed below. First, the positive influence of accessibility to tram stops only becomes significant during the operation phase. Specifically, property prices within 800 m of tram stops are 1.4 % higher than those farther away. Second, price penalties induced by proximity to tram tracks persist throughout the construction and operation phases. Third, the impact of accessibility to tram stops varies significantly across different price levels. Specifically, buyers of low-priced properties are more willing to pay a premium for accessibility to tram stops, whereas purchasers of high-end properties prefer greater distances from tram tracks to avoid nuisances. The results highlight the time-dependent accessibility benefits and negative externalities linked to tram services. Finally, policy implications, such as measures to alleviate the disturbances caused by tram tracks, are discussed.

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来源期刊

Research in Transportation Business and Management Multiple-

CiteScore

7.10

自引率

8.30%

发文量

175

期刊介绍： Research in Transportation Business & Management (RTBM) will publish research on international aspects of transport management such as business strategy, communication, sustainability, finance, human resource management, law, logistics, marketing, franchising, privatisation and commercialisation. Research in Transportation Business & Management welcomes proposals for themed volumes from scholars in management, in relation to all modes of transport. Issues should be cross-disciplinary for one mode or single-disciplinary for all modes. We are keen to receive proposals that combine and integrate theories and concepts that are taken from or can be traced to origins in different disciplines or lessons learned from different modes and approaches to the topic. By facilitating the development of interdisciplinary or intermodal concepts, theories and ideas, and by synthesizing these for the journal''s audience, we seek to contribute to both scholarly advancement of knowledge and the state of managerial practice. Potential volume themes include: -Sustainability and Transportation Management- Transport Management and the Reduction of Transport''s Carbon Footprint- Marketing Transport/Branding Transportation- Benchmarking, Performance Measurement and Best Practices in Transport Operations- Franchising, Concessions and Alternate Governance Mechanisms for Transport Organisations- Logistics and the Integration of Transportation into Freight Supply Chains- Risk Management (or Asset Management or Transportation Finance or ...): Lessons from Multiple Modes- Engaging the Stakeholder in Transportation Governance- Reliability in the Freight Sector