The impact of a high-speed railway on residential land prices
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By using the case of the high‐speed railway scheduled to open in 2027 in Japan, this study examines whether the value of transport innovation is capitalized in land prices immediately after the construction plan is announced. We adopt a hedonic approach to measure value, using balanced panel data on residential land prices from 2008 to 2015 in Japan. We find that residential land prices where the time distance to the Tokyo metropolitan area reduces rose, except where the population is decreasing. This result implies that the benefits are capitalized in land prices when demand to shorten the time distance exists.
- Papers in regional science
Papers in regional science 97(4), 1305-1335, 2017-04