Ying–Hui Chiang Kuo- Cheng Tai

1. 20th Congress of the European Real Estate Society July 3 - 6, 2013, Vienna The Reexamination of the Impact of Mass Rapid Transportation On Residential Housing in Taipei city Ying–Hui Chiang Kuo- Cheng Tai Assistant Professor , Department of Land Economics, National Chengchi University, Taipei, Taiwan Master, Department of Land Economics, National Chengchi University, Taipei, Taiwan ERES 2013 Vienna University of Technology July 3-6, 2013

2. Outline 1 Introduction 2 Literature Reviews 3 The Methodology 4 The Data and The Model 5 Empirical Results 6 Findings and Suggestions

3. Background Political & commercial center of Taiwan

4. Introduction 70％

5. Introduction • Most of us know how important living close to an MRT station is accessibility. Often times, you’ll read the discussion about how housing that is near to an MRT station is good because prices are likely to rise in the long term. But do prices of properties near MRT stations really increase because of accessibility?

7. Literature Reviews—MRT impact on housing price • MRT has positive impact on housing price: • Bajic（1983），Voith（1991），Coffman & Gregson（1998），Craig etc.(1998），Bowes & Ihlanfeldt（2001），McMillen & McDonald（2004），Feng etc.（1994），Hong & Lin1999），Peng & Yang（2009） • MRT has no positive impact on housing price: • Nelson & McCleskey（2007），Gatzlaff & Smith（1993），Dornbusch（1975），Burkhardt（1976） • Estimation results : • positive impact • The impact will decrease when the distances between the housing and the MRT station increase.

8. Literature Reviews—MRT impact on housing price with different track types and station locations • Feng and Yang （1994） • the different station modes(urban, marginal and suburb mode): urban > marginal , marginal > suburb • the different track types impact : underground > Suspension Bridge , Suspension Bridge > ground rail • Peng and Yang（2009） • the impact range of a MRT station is different，Suburb >urban

9. ？ • DO they have the same impact with location differences? CBD Suburbs Housing Price=Location+ MRT accessibility + building characteristics

11. Research questions: • 1： • Location differences • Location ? Accessibility? • 2： • track types differences • Transfer station 2 lines • Underground, suspension bridge, bridge • OLS model in case of spatial autocorrelation may be biased estimates • Spatial regression model

12. The Data • Subjects • red、blue、brown route • Apartment、mansion • periods • 2007、2008 • Areas • In the 1 km along the MRT route

13. The methodology • Hedonic model Price per ping • Submarket separated • Spatial autocorrelation • Spatial regression model Location × accessibility

14. Submarket Downtown CBD Suburb

15. Descriptive statistics

16. Empirical results-Spatial Regression model

17. Empirical results-Spatial Regression model CBD compare to suburb conjuction Underground

18. Empirical results-Spatial Regression model Impact on CBD

19. Empirical results-Spatial Regression model Impact on CBD Distance impact is more important on surburb MRT station

20. The EndThanks for your listening!