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A Study of the Metro and Housing Value Interaction with Hedonic Price Model: Comparison of Ankara Batıkent and Koru Metro Stations

Year 2023, Volume: 8 Issue: 1 - JASA_2023, 8(1), 161 - 177, 31.07.2023
https://doi.org/10.30785/mbud.1284843

Abstract

The effects of urban rail systems on the real estate market were studied by analysing housing prices around Ankara Koru and Batıkent Metro Stations using the Hedonic Price Model. Quantitative data on residential sales were used. The findings reveal that sale values of residences are more elastic in term of metro effect in Batıkent, where middle-lower income groups live, compared to Koru Metro Station, where middle-upper income groups live. As the distance to the metro station decreases in Batıkent, prices increase. These results suggest that subways can help reduce polarization between income groups in cities while increasing accessibility. Providing access to neighbourhoods with both low and high-income individuals by metro increases housing prices more in favour of low-income groups and reduces income polarization between income groups.

Thanks

We thank the anonymous reviewers and our colleagues for their comments and guidance on the development of the article. The article complies with national and international research and publication ethics. Ethics Committee approval was not required for the study.

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Metro ve Konut Değeri Etkileşiminin Hedonik Fiyat Modeli ile İncelenmesi: Ankara Batıkent ve Koru Metro İstasyonlarının Karşılaştırılması

Year 2023, Volume: 8 Issue: 1 - JASA_2023, 8(1), 161 - 177, 31.07.2023
https://doi.org/10.30785/mbud.1284843

Abstract

Kentsel raylı sistemlerin emlak piyasası üzerindeki etkileri, Hedonik Fiyat Modeli kullanılarak Ankara Koru ve Batıkent Metro istasyonları çevresindeki konut fiyatları analiz edilerek incelenmiştir. Konut satış değerlerine ilişkin nicel veriler kullanılmıştır. Bulgular, orta-alt gelir grubunun yaşadığı Batıkent'teki konutların satış değerlerinin, orta-üst gelir grubunun yaşadığı Koru Metro İstasyonu'na kıyasla metro etkisi açısından daha esnek olduğunu ortaya koymaktadır. Batıkent'te, metro istasyonuna yaklaştıkça fiyatlar artmaktadır. Bu sonuçlar, metroların erişilebilirliği artırırken şehirlerdeki gelir grupları arasındaki kutuplaşmayı azaltmaya yardımcı olabileceğini göstermektedir. Hem düşük hem de yüksek gelirli bireylerin yaşadığı mahallelere metro ile erişim sağlanması, konut fiyatlarını düşük gelirli gruplar lehine artırmakta ve gelir grupları arasındaki kutuplaşmayı azaltmaktadır.

References

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  • Al-Mosaind, M. A., Dueker, K. J. & Strathman, J. G. (1993). Light Rail Transit Stations and property values: A Hedonic Price Approach. Transportation Research Record, 1400, 90-94.
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  • Cervero, R. (2003). Road expansion, urban growth, and induced travel: A path analysis. Journal of the American Planning Association, 69 (2), 145-163.
  • Choy, Lennon H. T., Stephen W. K. Mak. & Winky K. O. Ho. (2007). Modelling Hong Kong real estate prices, Journal of Housing and Built Environment, 22, 359- 368.
  • Çınar, T. (2003). Ulaşım Politikalarının Ekonomi İle İlişkisi. IV. Ulaşım ve Trafik Kongresi Sergisi Bildiriler Kitabı, Ankara: TMMOB Makine Mühendisleri Odası, s. 137.
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  • Cihangir Çamur, K., Erdoğanaras, F. & Demirbilek Çardak, S. (2022). Konut Alanlarında İşlevsel ve Fiziksel Dönüşüm: Ankara Beysukent-Planlamacılar Sitesi’nden Bulgular. İdealkent, 13 (38), 2520-2559. DOI: 10.31198/idealkent.1214599.
  • Davidov, E. (2003). Travel Mode Choice as a Rational Choice- Different Aspects. Doctor Grades Study, Tel- Aviv-Jaffa, Israel.
  • Debrezion, G., Pels, E. & Rietveld, P. (2007). The impact of railway stations on residential and commertial property value: a meta-analysis, Journal of Real Estate, Finance and Economics, 35,161-180.
  • Dong, X., Ben-Akiva, M. E., Bowman, J. L. & Walker, J. L. (2006). Moving from trip based to activity based measures of accessibility. Transportation Research Part A, 40, 163-180.
  • Douglas, C. M., Elizabeth, A. P. & Geoffrey, G. V. (2013). Doğrusal Regresyon Analizine Giriş, Nobel Yayınları, Ankara. ISBN: 978-605-133-618-3.
  • Dube, J., Theriault, M. & Rosiers, F. D. (2013). Commuter rail accessibility and house values: The case of Montreal South Shore, Canada 1992-2009.Transportation Research Part A, 49-66.
  • Erdoğanaras, F., Cihangir Çamur, K., Görer Tamer, N. & Mercan, K. (2020). Covid-19, mahalle, müşterekler, kentsel yaşam ve halk sağlığı, Türk Coğrafya Dergisi, Sayı 76, 115-128, DergiPark, https://doi.org/10.17211/tcd.816835.
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  • Gallo, M. (2018). The impact of urban transit systems on property values: a model and some evidence form the city of Naples, Journal of Advanced Transportation, 2018, Article ID,1767149,22 pages.
  • Geurs, K. T. & Van Eck, J. R. R. (2001). Accessibility Measures: Review and Applications (RIVM Report: 408505- 006). Bilthoven: National Institute of Public Health and the Environment.
  • Geurs, K. T. & Van Wee, B. (2004). Accessibility evaluation of land-use and transport strategies: review and research directions, Journal of Transport Geography, 12(2), 127-140.
  • Harjunan, O. (2018). Metro investment and the housing market anticipation effect. Helsinki, Finland: City of Helsinki, Executive Office, Urban Research and Statistics.
  • Handy, S. (2005). Smart growth and the transportation-landuse connection: What does the research tell us? I nternational Regional Science Review, 28 (2), 146-167.
  • Hess , D.B. & Almeida, T.M. (2016). Impact of proximity to light rail rapid transit on station-area property values in Buffalo, New York, Urban Studies, 44(5-6), 1041-1068.
  • Hiironen, J., Niukkanen, K. & Touminen, H. (2015). The impact of new subway line on property values in Helsinki Area. FIG Working Week. Sofia.
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There are 76 citations in total.

Details

Primary Language English
Subjects Urban and Regional Planning
Journal Section Research Articles
Authors

Fatma Erdoğanaras 0000-0002-0892-8431

Kübra Cihangir Çamur 0000-0003-0343-3306

Gülsel Satoğlu 0000-0003-4601-2034

Publication Date July 31, 2023
Submission Date April 19, 2023
Published in Issue Year 2023 Volume: 8 Issue: 1 - JASA_2023, 8(1)

Cite

APA Erdoğanaras, F., Cihangir Çamur, K., & Satoğlu, G. (2023). A Study of the Metro and Housing Value Interaction with Hedonic Price Model: Comparison of Ankara Batıkent and Koru Metro Stations. Journal of Architectural Sciences and Applications, 8(1), 161-177. https://doi.org/10.30785/mbud.1284843