An empirical study of the impact of vehicular traffic and floor level on property price

被引：21

作者：

Wen, Haizhen ^{[1
,2
]}

Gui, Zaiyuan ^{[1
,2
]}

Zhang, Ling ^{[1
,2
]}

Hui, Eddie C. M. ^{[3
]}

机构：

[1] Zhejiang Univ, Dept Civil Engn, Hangzhou 310058, Peoples R China

[2] Zhejiang Univ, Ctr Real Estate Studying, Hangzhou 310058, Peoples R China

[3] Hong Kong Polytech Univ, Dept Bldg & Real Estate, Hong Kong, Peoples R China

来源：

HABITAT INTERNATIONAL | 2020年 / 97卷

关键词：

Road-traffic externality; Property price; Floor level; Moderating effect; Vertical heterogeneity; Spatial econometric model; REAL-ESTATE PRICES; RESIDENTIAL PROPERTY; AIR-POLLUTION; VERTICAL-DISTRIBUTION; HEDONIC ANALYSIS; HOUSING PRICE; ULTRAFINE PARTICLES; PARTICULATE MATTER; NOISE; HANGZHOU;

D O I：

10.1016/j.habitatint.2020.102132

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

Urban road traffic often generates noise and air pollution, thereby resulting in a disamenity effect on surrounding residential property and subsequently affecting the willingness to pay of homebuyers. Given that the distribution of road-traffic externalities varies in vertical space, heterogeneous effects of road traffic result on properties situated in different floors. Based on data of 7590 multi-story and 4980 high-rise residential property in Hangzhou, China in 2017, this study constructs hedonic price and spatial econometric models to investigate the relationship among road-traffic externality, floor level, and property price. Empirical results show that roadtraffic externalities have a significant disamenity effect on property price. Different from existing studies, we find that the floor level has a significant moderating effect on the disamenity effect of mad traffic. In particular, effects on different submarkets reveal that capitalization rate is non-monotonic in vertical space and different in multi-story and high-rise buildings. Previous literature has largely ignored these issues, but the latter is crucial in estimating the influence of road-traffic externalities on property price.

引用

页数：14

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