Rail Transit and Residential Land Use in Developing Countries: Hedonic Study of Residential Property Prices in Bangkok, Thailand

The effects of public transit improvements on residential land use in general, and on residential property prices in particular, have not been well investigated in developing countries. Such an understanding is necessary for the formulation of value capture policies, which can be instrumental in the financing of transit infrastructure. In this paper past studies on the effect of transit improvements on property prices in developing countries are reviewed, and the hedonic models are developed to examine this relationship in Bangkok, Thailand. Spatial regression models are estimated with data on multifamily residential properties near the Bangkok transit system’s stations. Estimation results show that the premium of transit accessibility is approximately $10 for every meter closer to a station, and the price elasticity with respect to the distance to the nearest station is roughly −0.09. These findings are consistent with the range found in past studies from other developing countries. The substantial premium of transit accessibility implies that there is a great potential for the use of value capture policies to raise additional funds for investments in Bangkok’s transit system.

• Record URL:
  https://doi.org/10.3141/2038-15
• 
• Summary URL:
  http://scholar.google.com/scholar_lookup?title=Rail+Transit+and+Residential+Land+Use+in+Developing+Countries%3a+Hedonic+Study+of+Residential+Property+Prices+in+Bangkok%2c+Thailand&author=S.+Chalermpong&publication_year=2007
• Availability:
  • Find a library where document is available. Order URL: http://www.trb.org/Main/Public/Blurbs/156837.aspx
• Authors:
  • Chalermpong, Saksith
• Publication Date: 2007

Language

• English

Media Info

• Media Type: Print
• Features: Maps; References; Tables;
• Pagination: pp 111-119
• Monograph Title: Developing Countries 2007
• Serial:
  • Transportation Research Record: Journal of the Transportation Research Board
  • Issue Number: 2038
  • Publisher: Transportation Research Board
  • ISSN: 0361-1981

Subject/Index Terms

• TRT Terms: Accessibility; Developing countries; Infrastructure; Land use; Property values; Public transit; Rail transit; Residential location; Value capture
• Uncontrolled Terms: Hedonics; Spatial regression models
• Geographic Terms: Bangkok (Thailand)
• Subject Areas: Economics; Highways; Planning and Forecasting; Public Transportation; Society;

Filing Info

• Accession Number: 01049259
• Record Type: Publication
• ISBN: 9780309113021
• Files: TRIS, TRB, ATRI
• Created Date: Feb 8 2007 5:50PM