Asian Development Policy Review

Published by: Asian Economic and Social Society 
Online ISSN: 2313-8343
Print ISSN: 2518-2544
Total Citation: 10

No. 4

An Empirical Study of the Impact of Metro Station Proximity on Property Value in The Case of Nanjing, China

Pages: 61-71
Find References

Finding References


An Empirical Study of the Impact of Metro Station Proximity on Property Value in The Case of Nanjing, China

Search :
Google Scholor
Search :
Microsoft Academic Search
Cite

Citation: 1

Xinyue Zhang , Yanqing Jiang

Export to    BibTeX   |   EndNote   |   RIS

PDF Download  Access Available XML PubMed
  1. Alonso, W., 1964. Location and land use: Toward a general theory of land rent. Cambridge, MA: Harvard University Press.
  2. Bowes David, R. and R. Ihlanfeldt Keith, 2001. Identifying the impacts of rail transit stations on residential property values. Journal of Urban Economics, 50(1): 1-25.
  3. Brigham, E., 1965. The determinants of residential land values. Land Economics, 41(4): 325-334.
  4. Fujita, M., 1989. Urban economic theory. Cambridge: Cambridge University Press.
  5. Grass, R.G., 1992. The estimation of residential property values around transit station sites in Washington, D.C. Journal of Economics and Finance, 16(3): 139-146.
  6. Hansen, W.G., 1959. How accessibility shapes land use. Journal of American Institute of Planners, 25(2): 73-76.
  7. Kruk, R.V.D., 2001. Economic impact of wetland amenities: A special econometric analysis of the Dutch housing market. Unpublished Manuscript.
  8. Von Thu?nen, J., 1830. Der isolierte staat in Beziehung auf landwirschaft und nationalokonomie. Munich: Pflaum.
No any video found for this article.
(2014). An Empirical Study of the Impact of Metro Station Proximity on Property Value in The Case of Nanjing, China. Asian Development Policy Review, 2(4): 61-71. DOI:
This paper analyzes the impact of metro station proximity on property value from both theoretical and empirical perspectives. Data on second-hand apartments within six kilometers of metro line 1 and 2 stations in Nanjing are used. Our empirical results show that metro station proximity has a positive partial effect on property value. The degree of impact diminishes with the increase of the distance. The extent of impact reaches the largest when the distance is less than five hundred meters, and is still remarkable when the distance is within two kilometers. The effect becomes insignificant when the distance is larger than two kilometers. Our empirical results also show that with the distance increasing, the extent of price variation is widened first, reaching a peak when the property is within one kilometer, and then decreases. In addition, metro station proximity in suburban areas is shown to have a higher positive impact on property value compared with metro station proximity in urban areas.

Contribution/ Originality
This study contributes in the existing literature by analyzing the impact of metro station proximity on property value from both theoretical and empirical perspectives, in the case of the city Nanjing, China.