Effects of Urban Transportation Infrastructure Development Projects on Residential Land Price in Cau Giay District, Hanoi City
Main Article Content
Abstract
Urban transportation infrastructure development projects usually act as a lever for real estate values. This research aims to assess the effects of some projects on urban land prices in three wards of Cau Giay District, namely Quan Hoa, Dich Vong, and Dich Vong Hau wards. With 161 samples surveyed, we established a multivariate linear regression model initially having 11 variables. As the result, six variables are identified as having significant effect on land prices in the study area. Among those, three variables are related to the local transportation infrastructure, namely: location of land parcels; distance to urban railway lines; and distance to public transport stations. Location of land parcels and distance to public transport stations are factors that have a significant influence in reality. Besides, the distance to the urban railway lines is the factor that has a positive impact on land prices, but it is only still a potential and should be extensively investigated in the future because the urban railway project is still in the implementation phase.
Keywords:
Urban transportation infrastructure, urban residental land prices, Cau Giay District.
References
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[3] H. Du, C. Mulley, Understanding spatial variations in the impact of accessibility on land value using geographically weighted regression, Journal of Transport and Land Use 5 (2012) 46-59. https://doi.org/10.5198/jtlu.v5i2.225
[4] H. Chen, A. Rufolo, K. Dueker, Measuring the Impact of Light Rail Systems on Single Family Home Values: A Hedonic Approach with GIS Application, Center for Urban Studies Publications and Reports, Portland State University, Portland (1997).
[5] J.B. Ingvardson, O.A. Nielsen, Effects of new bus and rail rapid transit systems-an international review, Transport Reviews 38 (2018) 96-116. https://doi.org/10.1080/01441647.2017.1301594.
[6] P. Lawless, T. Gore, Urban Regeneration and Transport Investment: A Case Study of Sheffield 1992-96, Urban Studies 36 (1999) 527-545. https://doi.org/10.1080/0042098993510.
[7] N.M. Hung, et al., Property valuation methodology applied by Status - Quality Trade Off, Land Administration Magazine 06 (2008) (in Vietnamese).
[8] N.Q. Hoa, N.H. Duong, Mass appraisal of land value in Go Vap district, Ho Chi Minh city, Economics Development Magazine 26 (2016) 82-103 (in Vietnamese).
[9] L.P. Thuy, P.L. Tuan, T.Q. Binh, Application of Space Syntax and GIS in Assessment of Accessibility Factors Affecting Urban Residential Land Value (a Case Study in Trung Hoa – Nhan Chinh Area, Hanoi City), FIG Working week 2019 "Geospatial information for a smarter life and environmental resilience", Hanoi, Vietnam (2019).
[10] H. Du, C. Mulley, The short-term land value impacts of urban rail transit: Quantitative evidence from Sunderland, UK, Land Use Policy 24 (2007) 223-233. https://doi.org/10.1016/j.landusepol. 2005.12.003.
[11] People's Committee of Hanoi, Decision to promulgate regulations on land prices in Hanoi, valid from 1/1/2015 to 31/12/2019, Hanoi, 2014 (in Vietnamese).
[12] A.B. Morancho, A Hedonic valuation of urban green areas, Landscape and Urban planning 66 (2003) 35-41. https://doi.org/10.1016/S0169-2046(03)00093-8.
[13] A. Król, Application of Hedonic methods in modelling real estate prices in Poland, B. Lausen et al. (eds), Data science, learning by latent structures, and knowledge discovery, Springer, Berlin, Heidelberg (2015) 501-511. https://doi.org/10.1007/978-3-662-44983-7_44.
[14] S.B. Green, How many subjects does it take to do a regression analysis, Multivariate Behavioral Research 26 (1991) 499-510. https://doi.org/10. 1207/s15327906mbr2603_7.
[15] S. Malpezzi, Hedonic Pricing Models: A selective and applied review, Housing Economics and Public Policy (2002) 67-89. https://doi.org/10.1002/9780470690680.ch5.
[16] B.N. Tuan, Research on some reasons of urban land price changing and propose appropriate land valuation method in Vietnam, Report of the Institute of Cadastre Research, 2004 (in Vietnamese).
[17] Department of Natural Resources and Environment in Cau Giay district, Report on environmental protection in 2018 in Cau Giay district, Hanoi, 2018 (in Vietnamese).
[18] F.H.J. Joseph, et al., Multivariate Data Analysis (7th edition), Pearson, United States of America, 2014.
[19] N.E. Savin, K.J. White, The Durbin-Watson Test for Serial Correlation with Extreme Sample Sizes or Many Regressors, Econometrica 45 (1977) 1989-1996.
[20] D.N. Gujarati, Basic Econometrics (4th Edition), Gary Burke, New York, 2004.
[21] People's Committee of Hanoi, Decision No.7468/QD-UBND dated 9/12/2013 approving the Tran Dang Ninh Str. extended project, Cau Giay district, Hanoi city, Hanoi, 2013 (in Vietnamese).
[22] People's Committee of Hanoi, Decision No.2542/QD-UBND dated 8/6/2012 approving of Construction the road from the Museum of Ethnology to Cau Giay road, Hanoi, 2012 (in Vietnamese).
[23] People's Committee of Hanoi, Decision No.31/2010/QD-UBND approving of the issuance of street classification boards in district and towns, classification of main traffic sections, and classification of commnues in Hanoi city in order to collect land taxes, Hanoi, 2010 (in Vietnamese).