This study assesses the effect of light rail transit system (LRT) on residential property values in Greater Kuala Lumpur, Malaysia, where traffic congestion has been a major issue since the mid 1990s. A relatively new technique namely Geographically Weighted Regression (GWR) is employed to estimate the increased value of land in the form of residential property values as a result of improved accessibility owing to the construction of the LRT systems. Using the Kelana Jaya LRT Line, located in Greater Kuala Lumpur, Malaysia as a case study, this paper reveals that the improvement of accessibility to employment and other amenities provided by the LRT system added premiums on residential property values but with spatial variation over geographical area indicates that the existence of the LRT systems may have a positive effect on residential property values in some areas but negative in others. The use of the GWR in this study is identified as a better approach to investigate the effect of the LRT system on residential property values since it has the capability to produce meaningful results by revealing spatially varying relationship.
This study investigates the increased value of land in the form of house prices as a result of improved accessibility owing to the construction of Light Rail Transit (LRT) systems. Kelana Jaya Line LRT system is chosen as the case study in this research. Hedonic house price modelling is employed to estimate the effects of the LRT system on the prices of the house that are located within the radius of two kilometres from the Kelana Jaya LRT stations. Selling prices, structural attributes, land use and socio-economic attributes were collected from the database of Department of Valuation and Services of Malaysia, selected maps and reports. Fifty-five factors that are likely to influence a house price were identified and used to estimate the overall effects of the LRT system on it. However, only significant variables were included in the final deliberation and these were identified by using correlation analysis and modified step-wise procedures. The outcome of this study shows a positive relationship between the existence of the LRT system and house prices. In other words, properties that are located within close proximity to the LRT station are valued more than properties that are located further away. Keywords: Light rail transit systems (LRT); property values; hedonic price model; Klang Valley AbstrakKajian ini menyiasat peningkatan nilai tanah dalam bentuk harga rumah hasil daripada peningkatan ketersampaian menerusi pembinaan sistem Transit Aliran Ringan (TAR). Sistem TAR laluan Kelana Jaya dipilih sebagai kajian kes dalam penyelidikan ini. Model harga rumah hedonik digunakan untuk menganggarkan kesan sistem TAR pada harga rumah yang terletak dalam lingkungan dua kilometer dari stesen TAR Kelana Jaya. Harga jualan, ciri-ciri fizikal rumah, lokasi dan sosio-ekonomi dikumpul daripada pangkalan data Jabatan Penilaian dan Perkhidmatan Malaysia, peta terpilih dan laporan. Lima puluh lima faktor yang mungkin mempengaruhi harga rumah telah dikenal pasti dan digunakan bagi menganggarkan kesan keseluruhan sistem TAR di atasnya. Walau bagaimanapun, hanya pemboleh ubah yang signifikan secara statistik telah dimasukkan dalam perbincangan akhir dan ini telah dikenal pasti dengan menggunakan analisis korelasi dan prosedur 'step-wise' yang telah diubah suai. Hasil kajian ini menunjukkan terdapat hubungan positif antara kewujudan sistem TAR dan harga rumah. Dalam erti kata lain, hartanah yang terletak dalam jarak yang hampir dengan stesen TAR mempunyai nilai yang lebih tinggi berbanding hartanah yang terletak jauh.Kata kunci: Sistem transit aliran ringan (TAR); nilai hartanah; model harga hedonik; Lembah Klang
This paper analyses the local geography of the relationship between residential property prices and its determinants. A semiparametric geographically weighted regression (S-GWR) technique is employed to explore this relationship. Selling prices, structural and locational attributes data were collected from the database of the Department of Valuation and Services of Malaysia, selected maps and reports. The outcome of this paper shows a strong geographically varying relationship between residential property prices and its determinants in which the residential property price determinants have a positive impact on prices in some areas but negative or no impact on the others. The magnitude of the effect is also found to be geographically varied; the capitalisation in residential property prices is found greater in some areas but less or with no effect in some other parts of the areas. The use of S-GWR technique makes it possible to reveal such geographically varying relationships, thus leading to a better understanding of the relationship between residential property prices and its determinants.
This study estimates the effect of locational attributes on residential property values in Kuala Lumpur, Malaysia. Geographically weighted regression (GWR) enables the use of the local parameter rather than the global parameter to be estimated, with the results presented in map form. The results of this study reveal that residential property values are mainly determined by the property's physical (structural) attributes, but proximity to locational attributes also contributes marginally. The use of GWR in this study is considered a better approach than other methods to examine the effect of locational attributes on residential property values. GWR has the capability to produce meaningful results in which different locational attributes have differential spatial effects across a geographical area on residential property values. This method has the ability to determine the factors on which premiums depend, and in turn it can assist the government in taxation matters. Abstrak Studi ini memperkirakan pengaruh atribut lokasi terhadap nilai properti residensial di Kuala Lumpur, Malaysia. Regresi berbobot secara geografis (GWR) diperkirakan memungkinkan penggunaan parameter lokal daripada parameter global , dengan hasil disajikan dalam bentuk peta. Hasil penelitian ini mengungkapkan bahwa nilai properti residensial terutama ditentukan oleh atribut fisik (struktural) properti, namun kedekatan dengan atribut lokasional juga berkontribusi
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
customersupport@researchsolutions.com
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.