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The Impact of Metro Station Inauguration on Housing Prices in Tehran

Yazdanifard, Yekta | 2018

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 51379 (44)
  4. University: Sharif University of Technology
  5. Department: Management and Economics
  6. Advisor(s): Talebian, Masoud; Joshaghani, Hossein
  7. Abstract:
  8. The impact of opening of the metro station in the city, given the advantages and disadvantages faced by residents adjacent to the station, could have different effects on housing prices. Various studies have been conducted to reveal the impact of urban transport on the value of property, each with different results. In the investigation of this issue, there has been positive, negative or even insignificant effect on the construction of a transport corridor on the value of the property. In this research, the effect of the opening of the metro station as a type of transportation corridor has been investigated on the value of residential properties around the station. Different parts of Tehran, which are covered by the metro network, are significantly different in terms of cultural, economic and urban texture. This research investigates the effect of the opening of the subway from the beginning of April 2010 to the end of September 2018 in Tehran. In this period, the number of metro stations opened will reach 45. Most of them are the stations of the 3rd and 4th line of metro of Tehran. The present study uses a Difference-in-Difference model to identify the effect of opening of subway station on housing prices in Tehran. According to the method used in this report, In the basic state, the properties that were traded at the 500-meter radius of the metro station are in the treatment group and the property located between 500 meter to 3 kilometers are in the control group. In the case that uses Difference in difference model for all 45 stations in general, the output implies that the property that the nearest subway station is less than 500 meters apart is affected by a 4% increase in price relative to the property is located 500 meters to 3 kilometers from the station at the time after the opening of the metro station. In the case where metro stations are categorized according to the type of area and the extent of public transportation in those areas, in areas where the quality and volume of public transport is lower, there is a significant positive effect on the property price around the station about 3 to 7 percent. But in areas where the public transportation system, such as BRT, extensively exists, there is no significant impact on the price of housing near the metro station with the opening of the metro station
  9. Keywords:
  10. Housing Price ; Difference-in-Difference Method ; Residential Buildings ; Tehran Metro ; Causal Effect

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