A meta-analysis of the impact of rail projects on land and property values |
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| Institution: | 1. English Heritage, Fort Cumberland, Eastney, PO4 9LD, UK;2. Research Laboratory for Archaeology and the History of Art, Dyson Perrins Building, South Parks Rd, Oxford, OX1 3QY, UK;3. Australian Nuclear Science & Technology Organisation, Locked Bag 2001, Kirrawee DC, NSW 2232, Australia;4. English Heritage, 25 Onslow Road, Sheffield, South Yorkshire, S11 7AF, UK;1. School of Transportation and Logistics, Dalian University of Technology, Dalian 116024, China;2. Jiangsu Institute of Urban Planning and Design, Nanjing 210036, China;3. Institute of Planning and Design, Dalian Urban Development Design CO., LTD, Dalian 116011, China;1. Leibniz Institute for Applied Geophysics (LIAG), Section 3, Geochronology and Isotope Hydrology, Stilleweg 2, 30655 Hannover, Germany;2. Institute of Geography, University of Cologne, Albertus Magnus Platz, 50923 Cologne, Germany;3. Dept. of Soil Sciences, Faculty of Agriculture, Gorgan University of Agricultural Sciences and Natural Resources, Gorgan 49138-15739, Iran;4. Institute of Crop Science and Resource Conservation (INRES), Soil Science and Soil Ecology, Bonn University, Nussallee 13, 53115 Bonn, Germany;5. Dept. of Soil Sciences, Faculty of Water and Soil, University of Zabol, Zabol, Iran;1. Hang Lung Center for Real Estate & Department of Construction Management, Tsinghua University, China;2. Luskin School of Public Affairs, University of California, Los Angeles, UCLA Luskin School, Box 951656, Los Angeles, CA 90095-1656, USA;1. Wuhan University, 8 Donghu Road South, Wuhan 430072, China;2. The University of Texas at Austin, 310 Inner Campus Dr., B7500, Austin, TX 78712, USA |
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| Abstract: | The literature on land and property values demonstrates a great deal of variability in the estimated change in values arising from rail investments. This paper conducts a meta-analysis on empirical estimates from 23 studies (102 observations) that analysed the impact of rail on land/property value changes. Variation in the estimated impacts is calculated and discussed in relation to key dimensions of study-design characteristics. The results show that a number of factors produce significant variations in the estimates. These include the type of land use, the type of rail service, the rail system life cycle maturity, the distance to stations, the geographical location, accessibility to roads, methodological characteristics, as well as whether the impacted area is land or property. On the other hand, we observe that changes in purchase price and rent values due to rail projects are statistically similar to each other, that there is no evidence of change in values over time nor due to the location of land/property within the city, and that including property characteristics and neighbourhood type in the estimation model do not change values significantly. Publication bias tests are also performed and show that although researchers tend to report both positive and negative results, they tend to be biased towards statistically significant estimates. |
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