A study of the effect of a high-speed rail station on spatial variations in housing price based on the hedonic model

High-speed rail is a large-scale form of public infrastructure that delivers obvious public benefits and economic externalities. The effects of high-speed rail on housing prices are significant, generating positive effects such as increased accessibility between cities as well as negative impacts such as noise pollution. The development of housing projects and urban spaces that surround high-speed rail stations can be improved by scientifically examining the effects of high-speed rail stations on housing prices. In examining the Beijing high-speed rail station, this study develops a hedonic model to study the effects of a high-speed rail station on housing prices at varying geographical spatial ranges. Research shows that greater accessibility between cities, increased investment attractiveness, and an expansion of public service infrastructure results from the establishment of high-speed rail stations, which in turn positively affects housing prices. However, traffic congestion, electromagnetic radiation pollution, noise, and higher crime rates negatively affect housing prices. Spatial variations in housing prices result from the combined effects of positive and negative impacts. From the research result that housing price increases with an decline in distance between houses and high-speed rail stations within (0.891 km, 11.704 km) by the influence of high-speed rail station, and thus we recommend that residential land-transferring fee premiums resulting from high-speed rail station construction should be dedicated to the construction of affordable housing. In addition, housing price declines with an decline in distance between houses and high-speed rail stations within (0.475 km, 0.891 km), and thus regarding negative impacts of high-speed rail stations on housing prices, we recommend that compensation be made available to homeowners residing in affected regions. While land use intensities and urban space layouts should be considered during the planning of high-speed rail stations. (C) 2015 Elsevier Ltd. All rights reserved.