The impact of metro accessibility on residential property values: An empirical analysis

This paper investigates the influence of metro accessibility on Xi'an residential property values. The key finding is that proximity to metro stations tends to have a positive but nonlinear effect. Within two-kilometre road network distances from metro stations, property value uplift is lowest in areas immediately adjacent to metro stations, explained by negative externalities around metro stations outweighing accessibility gains. The highest effect is revealed at distances between 300 and 1200 metres away from stations. Other significant influences include the distance to the central business district, the size of the property, the age of the property, interior decoration, residential building type and geographical location. The evidence suggests that the catchment area size should be adjusted according to access mode shares. Policy implications are also provided for potential future decision making.