An Investigation of Condominium Property Value Uplift around Light Rail Transit Stations Using a Hedonic Pricing Model

Dziauddin, Mohd Faris

doi:10.1088/1755-1315/286/1/012032

Cited by 4 publications

(5 citation statements)

References 32 publications

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“…The apartment prices increased as the distance to the CBD decreased. This result aligns with many studies that have attempted to estimate housing prices in the CBD [44,45,[51][52][53][54]. A study analyzing housing price determinants in Beijing, China Duan et al [40] claimed that housing prices are higher because of supply shortages in downtown areas, where land use regulations are strict and developable land is relatively scarce.…”

Section: Discussionsupporting

confidence: 74%

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Investigating the Correlation between Air Pollution and Housing Prices in Seoul, South Korea: Application of Explainable Artificial Intelligence in Random Forest Machine Learning

Ko,

Park

2024

Sustainability

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South Korea’s Particulate Matter (PM) concentration is among the highest among Organization for Economic Cooperation and Development (OECD) member countries. However, many studies in South Korea primarily focus on housing characteristics and the physical built environment when estimating apartment prices, often neglecting environmental factors. This study investigated factors influencing apartment prices using transaction data for Seoul apartments provided by the Ministry of Land, Infrastructure, and Transport (MOLIT) in 2019. For this purpose, the study compared and analyzed a traditional hedonic price model with a machine learning-based random forest model. The main findings are as follows: First, the evaluation results of the traditional hedonic price model and the machine learning-based random forest model indicated that the random forest model was found to be more suitable for predicting apartment prices. Second, an importance analysis using Explainable Artificial Intelligence (XAI) showed that PM is more important in determining apartment prices than access to education and bus stops, which were considered in this study. Finally, the study found that areas with higher concentrations of PM tend to have higher apartment prices. Therefore, when proposing policies to stabilize apartment prices, it is essential to consider environmental factors. Furthermore, it is necessary to devise measures such as assigning PM labels to apartments during the home purchasing process, enabling buyers to consider PM and obtain relevant information accordingly.

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Section: Discussionsupporting

confidence: 74%

“…In general, housing prices appear to decrease as the distance to the CBD increases. This shows mostly the same results regardless of the study area [44,45,[51][52][53][54]. Parks also significantly influence housing prices.…”

Section: Introductionsupporting

confidence: 65%

Investigating the Correlation between Air Pollution and Housing Prices in Seoul, South Korea: Application of Explainable Artificial Intelligence in Random Forest Machine Learning

Ko,

Park

2024

Sustainability

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“…These include works by Boyce et al (1972), Dewees (1976), Lerman et al (1978), Dvett et al (1979, Damm et al (1980), Bajic (1983), Voith (1991, Al-Mosaind et al (1993), Gatzlaff and Smith (1993), Benjamin and Sirmans, (1996), Lewis-Workman and Brod (1997a;. Recently, researchers have also found positive effects of rail transports on house prices with between 0.1% to 39% increase in values for homes located near rail stations (Delmelle & Duncan, 2012;Pan et al 2014;Mulley et al, 2018;Dziauddin, 2019;Pan, 2019). Nonetheless, some studies have found rail transport's adverse effects on house prices.…”

Section: Rail Transport Impact On House Price and Rentmentioning

confidence: 99%

Does Rail Transport Impact House Prices and Rents?

Suhaimi

Maimun

Sa’at

2021

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Rail transport is one of the factors that boost economic growth. Increased accessibility while saving travel costs and time offered by rail transport attracts foreign and local investments, which lead to increased house prices and rents. Nonetheless, it is argued that noise pollution coming from rail transport may also reduce house prices and rents because these areas are less desirable for occupation and investment. Hence, this research aims to establish rail transport’s impact on house prices and rents through a critical review of the literature. An overview of previous studies shows that house prices and rents are significantly influenced by proximity to rail transports. This indicates that proximity to rail transports is accounted for when making house purchase and rent decisions. Thus, property valuers, planners, and developers should consider rail transport location in planning, developing, and valuing properties.

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“…Dziauddin [39] Kuala Lumpur, Malaysia Condominium located within 800 m to light rail transit station valued $43,226 (30%) more compared to other parts of the city.…”

Section: Author Study Area Findingsmentioning

confidence: 99%

Dynamics of Transit Oriented Development, Role of Greenhouse Gases and Urban Environment: A Study for Management and Policy

et al. 2021

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The emission and mitigation of greenhouse gases transforms the status of urban environments. However, a policy accounting for all the aspects associated with transport is lacking. Problems related to transport include a greater reliance on cars, increased congestion, and environmental impacts. The absence of an efficient public transport system is a notable cause of the prompt escalation of diverse problems, for example, increases in the number of personal automobiles causes congestion on the road, resulting in air pollution, ubiquitous greenhouse effects and noise pollution, which ultimately affect human health. Transit oriented development (TOD) has been suggested as a solution to these problems. This paper reviews the impacts of transit development on urban development, greenhouse impact, the environment, economy, property value, travel behavior, and health etc., highlighting the policy issues which hinder TOD. Implementation of TOD has a strong impact on shaping the urban form, redevelopment, and the upgradation of old areas. Controlling transit phenomena will also help to control the emission and mitigation of greenhouse gases. This study will help in improving the urban environment and climatic condition of regions.

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An Investigation of Condominium Property Value Uplift around Light Rail Transit Stations Using a Hedonic Pricing Model

Cited by 4 publications

References 32 publications

Investigating the Correlation between Air Pollution and Housing Prices in Seoul, South Korea: Application of Explainable Artificial Intelligence in Random Forest Machine Learning

Investigating the Correlation between Air Pollution and Housing Prices in Seoul, South Korea: Application of Explainable Artificial Intelligence in Random Forest Machine Learning

Does Rail Transport Impact House Prices and Rents?

Dynamics of Transit Oriented Development, Role of Greenhouse Gases and Urban Environment: A Study for Management and Policy

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