This paper discusses the effects of the construction of urban expressway on accessibility and further investigates the relationship between changes in accessibility and house prices caused by expressway construction. Taking the Qiushi Highway Phase III project in China as an example, a hedonic price model and difference-in-difference method are used to analyze the impact. The main innovation of the study is how it considers the improvement of the overall traffic conditions brought about by the construction of the expressway. In addition, three distance impedance parameters—namely Euclidean distance, road network distance, and actual transit time—are used to estimate the value of traffic accessibility during the process. The main research conclusions are as follows: (1) The opening of the Qiushi Highway Phase III project can significantly improve the accessibility of the surrounding areas to the city center. Additionally, this improvement can be extended to further sites through the urban expressway network; (2) The results of the difference-in-difference method show that the premium effect of the city expressway on house prices will not be directly generated by the expressway’s geographical proximity to the project. In fact, the expressway will increase accessibility in some related areas and will also have a further positive impact on housing prices; (3) Among the three types of traffic impedance parameters, accessibility calculated on the basis of actual transit time has the strongest connection to house prices.
PalmquistR. B.Measuring Environmental Effects on Property Values Without Hedonic Regressions. Journal of Urban Economics, Vol. 11, No. 3, 1982, pp. 333–347.
2.
IaconoM.LevinsonD.Location, Regional Accessibility, and Price Effects: Evidence From Home Sales in Hennepin County, Minnesota. Transportation Research Record: Journal of the Transportation Research Board, 2011. 2245: 87–94.
3.
GatzlaffD. H.SmithM. T.The Impact of the Miami Metrorail on the Value of Residences Near Station Locations. Land Economics, Vol. 69, No.1, 1993, pp. 54–66.
4.
ForrestD.GlenJ.WardR.The Impact of a Light Rail System on the Structure of House Prices: A Hedonic Longitudinal Study. Journal of Transport Economics and Policy, Vol. 30, No. 1, 1996, pp. 15–29.
5.
SasakiK.OhashiT.AndoA.High-speed Rail Transit Impact on Regional Systems: Does the Shinkansen Contribute to Dispersion?The Annals of Regional Science, Vol. 31, No. 1, 1997, pp. 77–98.
6.
GiulianoG.Research Policy and Review 27. New Directions for Understanding Transportation and Land Use. Environment and Planning A, Vol. 21, No. 2, 1989, pp. 145–159.
7.
ChernobaiE.ReibelM.CarneyM.Nonlinear Spatial and Temporal Effects of Highway Construction on House Prices. The Journal of Real Estate Finance and Economics, Vol. 42, No. 3, 2011, pp. 348–370.
8.
LevkovichO.RouwendalJ.van MarwijkR.The Effects of Highway Development on Housing Prices. Transportation, Vol. 43, No. 2, 2016, pp. 379–405.
9.
HansenW. G.How Accessibility Shapes Land Use. Journal of the American Planning Association, Vol. 25, No. 2, 1959, pp. 73–76.
10.
IngramD. R.The Concept of Accessibility: A Search for an Operational Form. Regional Studies, Vol. 5, No. 2, 1971, pp. 101–107.
11.
WachsM.KumagaiT. G.Physical Accessibility as a Social Indicator. Socio-Economic Planning Sciences, Vol. 7, No. 5, 1973, pp. 437–456.
12.
BlackJ.ConroyM.Accessibility Measures and the Social Evaluation of Urban Structure. Environment and Planning A, Vol. 9, No. 9, 1977, pp. 1013–1031.
13.
MorrisJ. M.DumbleP. L.WiganM. R.Accessibility Indicators for Transport Planning. Transportation Research Part A: General, Vol. 13, No. 2, 1979, pp. 91–109.
14.
ShenQ.Location Characteristics of Inner-City Neighborhoods and Employment Accessibility of Low-Wage Workers. Environment and Planning B: Planning and Design, Vol. 25, No. 3, 1998, pp. 345–365.
15.
GutiérrezJ.UrbanoP.Accessibility in the European Union: The Impact of the Trans-European Road Network. Journal of transport Geography, Vol. 4, No. 1, 1996, pp. 15–25.
16.
LiS.ShumY.Impacts of the National Trunk Highway System on Accessibility in China. Journal of Transport Geography, Vol. 9, No. 1, 2001, pp. 39–48.
17.
LinnekerB. J.SpenceN. A.Accessibility Measures Compared in an Analysis of the Impact of the M25 London Orbital Motorway on Britain. Environment and Planning A, Vol. 24, No. 8, 1992, pp. 1137–1154.
18.
GutiérrezJ.GomezG.The Impact of Orbital Motorways on Intra-Metropolitan Accessibility: The Case of Madrid’s M-40. Journal of Transport Geography, Vol. 7, No. 1, 1999, pp. 1–15.
19.
HuangW.The Effects of Transportation Infrastructure on Nearby Property Values: A Review of Literature. Research Report No. 620. Institute of Urban and Regional Development, Berkeley, CA, 1994.
20.
WitteA. D.LongS. K.Evaluating the Effects of Public Policies on Land Prices in Metropolitan Areas: Some Suggested Approaches. In Urban Land Markets: Price Indices, Supply Measures, and Public Policy Effects (BlackJ. T.HobenJ. E., eds.), Urban Land Institute, Washington, D.C., 1980, pp. 63–72.
21.
AdkinsW. G.Land Value Impacts of Expressways in Dallas, Houston, and San Antonio, Texas. Bulletin 227. Highway Research Board, Washington, D.C., 1959, pp. 50–65.
22.
BurtonR. C.KnappF. D.Socio-economic Change in Vicinity of Capital Beltway in Virginia. Highway Research Record 75. National Research Council, Washington, D.C., 1965, pp. 32–47.
23.
EyerlyR.Land Use and Land Value in Four Interchange Communities. Institute for Research on Land and Water Resources Research Report No. 7. Pennsylvania State University, Philadelphia, PA, 1966.
24.
BoneA. J.WohlM.Massachusetts Route 128 Impact Study. Bulletin 227. Highway Research Board, Washington, D.C., 1959, pp. 21–49.
25.
LemlyJ. H.Changes in Land Use and Value Along Atlanta’s Expressways. Bulletin 227. Highway Research Board, Washington, D.C., 1959, pp. 1–20.
26.
BrownF. A.MichaelH. L.The Impact on Land Value of a Major Highway Interchange near a Metropolitan Area: Interim Report. FHWA/IN/JHRP-73/34. Indiana Department of Transportation and Purdue University, West Lafayette, Indiana, 1973.
27.
GoldenJ. S.Land Values in Chicago: Before and After Expressway Construction. The Chicago Area Transportation Study, Chicago, IL, 1968.
28.
CribbinsP. D.HillW. T.SeagravesH. O.Economic Impact of Selected Sections of Interstate Routes on Land Value and Use. Highway Research Record 75. National Research Council, Washington, D.C., 1965, pp. 1–31.
29.
LangleyC. J.Jr.Highways and Property Values: The Washington Beltway Revisited. Transportation Research Record 812. National Research Council, Washington, D.C., 1981, pp. 16–21.
30.
TomasikJ.Socioeconomic and Land Value Impact of Urban Freeways in Arizona. Arizona Department of Transportation, Phoenix, AZ, 1987.
31.
PendletonW. C.Relation of Highway Accessibility to Urban Real Estate Values. Highway Research Record 16. National Research Council, Washington, D.C., 1963, pp. 14–23.
32.
GambleH. B.SauerlenderO. H.LangleyC. J.Adverse and Beneficial Effects of Highways on Residential Property Values. Transportation Research Record 508. National Academy of Sciences, Washington, D.C., 1974, pp. 37–48.
33.
HoogendoornS.van GemerenJ.VerstratenP.FolmerK.House Prices and Accessibility: Evidence From a Quasi-Experiment in Transport Infrastructure. Journal of Economic Geography, Vol. 19, 2019, pp. 57–87.
34.
VoithR.Changing Capitalization of CBD-oriented Transportation Systems: Evidence From Philadelphia, 1970–1988. Journal of Urban Economics, Vol. 33, No. 3, 1993, pp. 361–376.
35.
AdairA.McGrealS.SmythA.CooperJ.RyleyT.House Prices and Accessibility: The Testing of Relationships Within the Belfast Urban Area. Housing Studies, Vol. 15, No. 5, 2000, pp. 699–716.
36.
YiuC. Y.WongS. K.The Effects of Expected Transport Improvements on Housing Prices. Urban Studies, Vol. 42, No. 1, 2005, pp. 113–125.
37.
BeenstockM.FeldmanD.FelsensteinD.Hedonic Pricing When Housing is Endogenous: The Value of Access to the Trans-Israel Highway. Journal of Regional Science, Vol. 56, No. 1, 2016, pp. 134–155.
38.
CohenJ.SchaffnerS.New German Highway Infrastructure and the Impacts on Residential Real Estate Prices. Social Science Electronic Publishing, 2021. SSRN: https://ssrn.com/abstract=3772094
39.
SongY.SohnJ.Valuing Spatial Accessibility to Retailing: A Case Study of the Single-Family Housing Market in Hillsboro, Oregon. Journal of Retailing & Consumer Services, Vol. 14, 2007, pp. 279–288.
40.
CelikH. M.Sample Size Needed for Calibrating Trip Distribution and Behavior of the Gravity Model. Journal of Transport Geography, Vol. 18, No. 1, 2010, pp. 183–190.
41.
YueY.WangH. D.HuB.LiQ. Q.LiY. G.YehA. G.Exploratory Calibration of a Spatial Interaction Model Using Taxi GPS Trajectories. Computers, Environment and Urban Systems, Vol. 36, No. 2, 2012, pp. 140–153.
42.
ZhangL.ZhouJ.HuiE. C. M.WenH.The Effects of a Shopping Mall on Housing Prices: A Case Study in Hangzhou. International Journal of Strategic Property Management, Vol. 23, No. 1, 2018, pp. 65–80.
43.
HuiE. C. M.LiangC.WangZ.WangY.The Roles of Developer’s Status and Competitive Intensity in Presale Pricing in a Residential Market: A Study of the Spatio-Temporal Model in Hangzhou, China. Urban Studies, Vol. 53, 2016, pp. 1203–1224.
44.
WenH. Z.XiaoY.ZhangL.School District, Education Quality, and Housing Price: Evidence From a Natural Experiment in Hangzhou, China. Cities, Vol. 66, 2017, pp. 72–80.
45.
WuQ.ChengJ.ChenG.HammelD. J.WuX.Socio-spatial Differentiation and Residential Segregation in the Chinese City Based on the 2000 Community-Level Census Data: A Case Study of the Inner City of Nanjing. Cities, Vol. 39, 2014, pp. 109–119.
46.
YangT.Urban Structure Extraction Based on Taxi Hotspot Skeleton Analysis. Technology Plaza, Vol. 190, No. 9, 2017, pp. 8–12.
47.
CarrollT. M.ClauretieT. M.JensenJ.Living Next to Godliness: Residential Property Values and Churches. The Journal of Real Estate Finance and Economics, Vol. 12, No. 3, 1996, pp. 319–330.
48.
ClarkD. E.HerrinW. E.The Impact of Public School Attributes on Home Sale Prices in California. Growth and Change, Vol. 31, No. 3, 2000, pp. 385–407.
49.
LaV.Capitalization of School Quality Into Housing Prices: Evidence From Boston Public School District Walk Zones. Economics Letters, Vol. 134, 2015, pp. 102–106.
50.
ParkY.KimH. W.The Cross-Level Impact of Landscape Patterns on Housing Premiums in Micro-Neighbourhoods. Urban Forestry & Urban Greening, Vol. 24, 2017, pp. 80–91.
51.
WenH. Z.XiaoY.ZhangL.Spatial Effect of River Landscape on Housing Price: An Empirical Study on the Grand Canal in Hangzhou, China. Habitat International, Vol. 63, 2017, pp. 34–44.
52.
WenH.TaoY.Polycentric Urban Structure and Housing Price in the Transitional China: Evidence From Hangzhou. Habitat International, Vol. 46, 2015, pp. 138–146.
53.
WangW.AiC. R.CaoH.Research on the Impact of Taxation Reform on Rural Residents’ Consumption. Management World, Vol. 1, 2013, pp. 97–108.
54.
GruberJ.State Mandated Benefits and Employer Provided Health Insurance. Journal of Public Economics, Vol. 55, No. 3, 1994, pp. 433–464.
55.
Kiel KatherineA.McClain KatherineT.House Prices During Siting Decision Stages: The Case of an Incinerator From Rumor Through Operation. Journal of Environmental Economics & Management, Vol. 28, No. 2, 1995, pp. 241–255.
56.
WooldridgeJ. M.Econometric Analysis of Cross Section and Panel Data. MIT Press, Cambridge, MA, 2010.
57.
QianN.Missing Women and the Price of Tea in China: The Effect of Sex-specific Earnings on Sex Imbalance. The Quarterly Journal of Economics, Vol. 123, 2008, pp. 1251–1285.
58.
BaiY.JiaR.Elite Recruitment and Political Stability: The Impact of the Abolition of China’s Civil Service Exam. Econometrica, Vol. 84, 2016, pp. 677–733.
Supplementary Material
Please find the following supplemental material available below.
For Open Access articles published under a Creative Commons License, all supplemental material carries the same license as the article it is associated with.
For non-Open Access articles published, all supplemental material carries a non-exclusive license, and permission requests for re-use of supplemental material or any part of supplemental material shall be sent directly to the copyright owner as specified in the copyright notice associated with the article.
