Exploring the Impacts of Railway Station Accessibility on Property Value

Living in the urban area or close to a transit hub is expensive in Beijing. Urban built environment could provide more high-quality amenities and more job opportunities; while public transit hub benefits people with better access to each part of the city. Therefore, this research selected five primary railway stations in Beijing to explore the railway station accessibility on property value. Since these five stations have a different built environment in the proximity, whether the urban environment has a relationship with the impacts of accessibility is uncertain. By using the hedonic model in quantitative analysis, this research could answer the questions. The primary findings are: (1) Within a certain radius, the railway stations have an overall positive impact of raising the property values. Generally, the impacts are maximum when the radius is 1.16 km. (2) Suburban and urban built environment play an important role in determining the impacts of railway station accessibility. If a property is in the suburb, it will be much cheaper because of the under-developed built environment. (3) More commercial activities and job opportunities in the railway station area could raise property values. From the aspect of urban planning, this research comes up with several strategies for station planning: (1) Promote mixed-use development and transit-oriented development in the suburban railway station project to increase mobility. (2) Create a transaction management platform to increase the supply of affordable housing in the station area. (3) Implement a feedback loop among stakeholders and introduce more investment to enhance local economic development.