An Investigation of Condominium Property Value Uplift around Light Rail Transit Stations Using a Hedonic Pricing Model

IGEOS International Geography Seminar 2018

Dziauddin, M.F.^1

Department of Geography and the Environment, Faculty of Human Sciences, Sultan Idris Education University, Tanjong Malim, Perak

35900, Malaysia^1

关键词: Data set;    Hedonic pricing models;    Housing prices;    Light rail;    Malaysia;    Property value;   

Others  :  https://iopscience.iop.org/article/10.1088/1755-1315/286/1/012032/pdf
DOI  :  10.1088/1755-1315/286/1/012032

来源: IOP

【 摘 要 】

This paper aims to investigate the impact of proximity to the nearest light rail transit station on the value of condominium properties in Greater Kuala Lumpur, Malaysia. The paper utilizes a data set of 476 condominium sales occurring in Greater Kuala Lumpur between January 2017 and the second quarter of 2018. Using a hedonic pricing model, housing price was modelled as a function of proximity to the nearest light rail transit station and with regard to other structural and locational attributes. The results suggest that condominium units located within 800 m to the nearest light rail transit station can earn a premium of MYR 172,904 (US$43,226), or 30% of the city's average home value. The results of this study also indicate that in determining property values, proximity to the nearest light rail transit station is the second-most influential variable compared to other variables. This paper represents an original contribution to the literature in that there has been limited research on the impact of proximity to light rail transit stations on condominium prices in developing countries.