How Does Subway and Ground Transit Proximity Affect Rental Prices?

Metro systems and urban development: Impacts and implications

“…a 7-14% increase for second-hand properties within 1600 m in Wuhan, China; a 2.3% increase for properties within 1000 m in Hangzhou, China; a 15% increase for residential apartments within 400 m and 11% within 800 m in Helsinki, Finland; a 1.6% increase for properties within 400 m in Singapore; and a 96.3 USD increase per square metre for homes within 500 m in Daegu, Korea) (Diao et al, 2017;Gallo, 2018;Hiironen et al, 2015;Im and Hong, 2018;Tan et al, 2019;Tian et al, 2020). A subway station within a radius of 3 km increased the rent by 0.36% in Russia's seven cities with metro systems (Kholodilin and Maksimova, 2019). In the city of Bengaluru in India, property price increased 4.5% across the whole city (Sharma and Newman, 2018).…”

“…Ahn et al, 2020;Diao et al, 2017;Gallo, 2018;Lee et al, 2020;Liou et al, 2016;Mohammad et al, 2017;Seo and Nam, 2019;Tian et al, 2020), sale or rental transaction data from real estate websites (e.g. Dorantes et al, 2011;Guan and Peiser, 2018;Hiironen et al, 2015;Kholodilin and Maksimova, 2019;Li et al, 2019a;Sun et al, 2015;Tan et al, 2019;Tang et al, 2021;Zhang et al, 2019), real estate data from the private sector such as banks and real estate companies (e.g. Im and Hong, 2018;Sharma and Newman, 2018), and survey data (e.g.…”