The Impact of Railway Stations on Residential and Commercial Property Value: A Meta Analysis

Tinbergen Institute Discussion Paper No. TI-2004-023/3

32 Pages Posted: 5 Apr 2004

See all articles by Ghebreegziabiher Debrezion

Ghebreegziabiher Debrezion

Tinbergen Institute

Eric A. J. H. Pels

Vrije Universiteit - Department of Spatial Economic

Piet Rietveld

VU University Amsterdam - Department of Spatial Economics (Deceased)

Multiple version iconThere are 2 versions of this paper

Date Written: August 2003

Abstract

Property values are affected by the properties' physical, accessibility and environmental features. Railway stations function as nodes in transport networks and places in an urban environment. They have accessibility and environmental impacts, which contribute to property value. The literature on the effects of railway stations on property value is mixed in its finding in respect to impact magnitude and direction, ranging from a negative to an insignificant or a positive impact. This paper attempts to explain the variation in the findings by meta-analytical procedures. Generally the variations are attributed to the nature of data, particular spatial characteristics, temporal effects and methodology. The data can vary in relation to the type of property under study. Some indication is found to support the assertion that commercial properties enjoy a higher positive impact compared to residential properties. Commuter railway stations have a consistently higher positive impact on the property value compared to light and heavy railway/Metro stations. The inclusion of other accessibility variables (such as highways) in the models reduces the level of reported railway station impact. However this effect becomes insignificant for properties within a quarter-mile of the station, leaving the railway station as a major accessibility point. Our analysis did not find a significant effect of spatial and temporal factors.

Keywords: property value, railway station, accessibility, light railways, heavy railway/Metro commuter railway, meta-analysis

JEL Classification: R14, R40

Suggested Citation

Debrezion, Ghebreegziabiher and Pels, Eric A.J.H. and Rietveld, Piet, The Impact of Railway Stations on Residential and Commercial Property Value: A Meta Analysis (August 2003). Tinbergen Institute Discussion Paper No. TI-2004-023/3, Available at SSRN: https://ssrn.com/abstract=516742 or http://dx.doi.org/10.2139/ssrn.516742

Ghebreegziabiher Debrezion (Contact Author)

Tinbergen Institute ( email )

Burg. Oudlaan 50
Rotterdam, 3062 PA
Netherlands

Eric A.J.H. Pels

Vrije Universiteit - Department of Spatial Economic ( email )

De Boelelaan 1105
1081HV Amsterdam
Netherlands
+31-20-4446049 (Phone)
+31-20-4446004 (Fax)

Piet Rietveld

VU University Amsterdam - Department of Spatial Economics (Deceased)

De Boelelaan 1105
1081HV Amsterdam
Netherlands
+31 20 4446097 (Phone)
+31 20 4446004 (Fax)

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