都市更新對鄰近住宅價格之影響──交錯差異中之差異法分析

The Influence of Urban Renewal on Neighbouring Housing Prices: A Staggered Difference-In-Differences Analysis

本研究探討都市更新對鄰近住宅價格之影響，並以交錯差異中之差異法（staggered difference-in-differences，SDID）分析都市更新於不同推動階段對鄰近住宅價格的動態反應。實證結果顯示，在更新地區公告及計畫審議階段，鄰近住宅價格出現短期正向反應，反映市場對未來更新規劃與公共設施改善的預期心理。進一步分析指出，屋齡與面積等住宅特徵之價格效果於公告前後呈現階段性變化，顯示都市更新相關資訊揭露與政策進度，可能在特定期間暫時緩和老屋折價效應，或弱化住宅面積對價格的敏感度。整體而言，鄰近住宅價格的變動並非完全由住宅本身特徵所主導，而是隨都市更新事業進程與政策資訊釋出，呈現具時間異質性的市場反應。對此，未區分更新公告時點差異之雙向固定效果差異中之差異法（two-way fixed effects difference-in-differences method，TWFEDID），可能低估或誤判都市更新對鄰近住宅價格之影響。

This study examines the influence of urban renewal on neighbouring housing prices using a staggered difference-in-differences framework to capture dynamic price responses across different phases of urban renewal. The empirical results reveal short-term positive effects on housing prices during the renewal zone announcement and proposal review phases, suggesting that market participants anticipate future urban renewal projects and associated public infrastructure improvements. Further analysis identifies linear changes in housing attributes—such as house age and floor area—before and after project announcements, indicating that information disclosure and policy progression may temporarily mitigate depreciation in older properties or reduce the sensitivity of housing prices to house area within specific periods. Overall, changes in neighbouring housing prices are not solely driven by housing attributes but reflect temporally heterogeneous market responses to project advancement and policy-related information disclosure. Compared with the conventional two-way fixed-effects difference-in-differences approach, the staggered difference-in-differences method highlights that failing to account for variation in policy implementation timing may lead to underestimation or misinterpretation of the effects of urban renewal on neighbouring housing prices.