英文摘要 |
This paper presents an analysis of empirical studies on the effects of transportation facilities on property values. The primary purpose of this study is to address the effects of the presence of transportation facilities on the value of surrounding properties under time and spatial domains. Both the effect of distance from the High-speed Rail (HSR) and the effect of time relative to the completion of the HSR segment contribute to the non-linearity of house prices. While previous studies of the effects of transport accessibility on property and land values have focused on either cross-sectional spatial or temporal patterns, the joint analysis of these two dimensions has not been systematically investigated. We use home transaction data from a period around the completion of the HSR in Kaohsiung City and combine a standard hedonic price model with a spline regression technique to verify non-linear variations of the effect along the temporal and spatial dimensions. The dynamic changes in the house price are analyzed by spatial interpolation techniques (Kriging), which benefit from explicitly dealing with spatial dependence effects. Finally, we estimate the model for a regular series of distances from the HSR, and for time points both before and after the opening of the rail in order to track price effects across various distances and over time. |