Analysis of the Impacts of Urban Public Transport on the Housing Price in Hangzhou, China

Abstract

With the rapid increase of urban population, housing demand is gradually increasing, and traffic congestion is becoming more and more serious. People are increasingly concerned about the relationship between housing and public transportation. Hence, studying the impact of public transport on housing prices will be conducive to promoting the coordinated development of urban public transport and urban social economy. Taking Hangzhou, China as a case city, this study selected 477 residential districts and their surrounding comprehensive public transport characteristics to construct the hedonic price model, and further quantitatively analyses the impact of urban public transport on housing prices. The empirical results showed that most of the public transport characteristics produce significant premium capacity to the housing market. The ranking of the premium capacity from high to low is the distance between the community to the subway station, the speed of nearby roads, and the number of public bicycle stations. In addition, a few public transport characteristics, such as the number of bus and water bus stops, have no significant impact on housing prices. This research can serve as a theoretical basis for government departments to carry out urban planning and real estate enterprises to make decisions.