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|Title:||Assessment of the real estate benefits due to accessibility gains brought by a transport project: the impacts of a light rail infrastructure improvement in the Hauts-de-Seine department||Authors:||Boucq, Elise
|Keywords:||Accessibility; Hedonic function; Real estate values; Transport infrastructure||Issue Date:||2008||Publisher:||EUT Edizioni Università di Trieste
ISTIEE Istituto per lo studio dei trasporti nell’integrazione economica europea
|Source:||Elise Boucq, Francis Papon, "Assessment of the real estate benefits due to accessibility gains brought by a transport project: the impacts of a light rail infrastructure improvement in the Hauts-de-Seine department", in: European Transport / Trasporti Europei, XIV (2008) 40, pp. 51-68.||Series/Report no.:||European Transport / Trasporti Europei
XIV (2008) 40
This paper estimates the real estate benefits due to accessibility gains brought by a light rail
infrastructure (the T2 tramway, in the Hauts-de-Seine). According to Urban Economics, the accessibility
improvements resulting from a transport project will influence the residential location choices of
households, and eventually the land rents at equilibrium will include the valuation of accessibility gains
made by these households.
Apart from accessibility, housing choice also depends on other characteristics: internal characteristics
and external (environmental) characteristics. To take into account all these determinants, we have
estimated a hedonic price function of residential properties econometrically.
The data used are sales of residential dwellings in the Hauts-de-Seine department, population census
and other sources, from 1993 to 2004, to take into account anticipation and learning effects.
The hedonic price function obtained allows us to measure implicit or “hedonic” prices of dwellings
with a given group of characteristics, and isolates the pure effect of each characteristic on the price of a
The results show that the T2 tramway accessibility improvements are capitalized into the housing
prices. To measure this capitalization into real estate, we calculate the prices of dwellings with and
without these accessibility gains. For the whole department, we estimate a capitalization around 3%.
|Appears in Collections:||European Transport / Trasporti Europei (2008) 40/XIV|
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