Effects of Urban Transportation Infrastructure Development Projects on Residential Land Price in Cau Giay District, Hanoi City

Abstract

Urban transportation infrastructure development projects usually act as a lever for real estate values. This research aims to assess the effects of some projects on urban land prices in three wards of Cau Giay District, namely Quan Hoa, Dich Vong, and Dich Vong Hau wards. With 161 samples surveyed, we established a multivariate linear regression model initially having 11 variables. As the result, six variables are identified as having significant effect on land prices in the study area. Among those, three variables are related to the local transportation infrastructure, namely: location of land parcels; distance to urban railway lines; and distance to public transport stations. Location of land parcels and distance to public transport stations are factors that have a significant influence in reality. Besides, the distance to the urban railway lines is the factor that has a positive impact on land prices, but it is only still a potential and should be extensively investigated in the future because the urban railway project is still in the implementation phase.

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