Land Values Impacts of Subway Stations: A Case Study of Beijing City
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This paper reviews researches regarding the impacts urban rail transit system on real estate development and examines the subway system in Beijing, China. Using land transaction prices published by Beijing Land Consolidation Reserve Center, the author finds that the existing subway stations indeed enhance property value of nearby lands. While there is no obvious difference among various kinds of transaction modes, such as invitation of bid, listings for sales and auction, the typology of stations actually plays an important role in affecting the land market. For stations being located within important business districts and inner city, their power of attracting ridership and promoting adjacent land value are much higher than those in suburban area. In general, these results suggest that subway system is indeed one major promoter for land market in the City of Beijing.