Impact of rail transit on the residential property prices of submarkets:a case of the Longgang Line of Shenzhen

Studying the impact of rail transit on residential property prices along rail lines will facilitate the internalization of external benefits of rail traffic.It has significant importance for the construction and operation of city subways.In real urban space,because of the presence of spatial heterogeneity the impact of rail transport is not always the same in different areas,thus it requires the examination of submarkets.This research takes the suburb segment of the Longgang Line in Shenzhen as a case.Firstly,Moran'I index is used to confirm the effect of spatial autocorrelation.Then a variable representing spatial autocorrelation are constructed to be included in the model.In total four models are constructed.Chow Statistics is then adopted to divide the submarkets into suburbs near central city and suburbs at the city periphery.After that,the Hedonic pricing model is selected to study the submarket impact of the rail transit on housing prices along the rail line.The results show that:(1) rail transit has a positive impact on housing prices along the rail line in the close to central city segment.(2) Concerning the impact of rail transit on housing prices,submarket effect does exist.In different submarkets,the impacts of rail transit on housing prices vary,sometimes are even in opposite directions.In the close to urban center segment,rail transit has a positive impact on housing prices.In the remote suburban segment,rail transit has a negative impact on housing prices.(3) Submarkets can be divided by Chow Statistics test.The dividing point of the Longgang Line is Liuyue-Danzhutou.The spatial extent of the close to center suburban submarket may be related to the city's average commuting time.(4) The cause of submarket division is spatial heterogeneity.The submarkets of the Longgang Line suburban segment is determined by the spatial differences between the two regional centers.