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Discrete Dynamics in Nature and Society
Volume 2016 (2016), Article ID 1478413, 10 pages
http://dx.doi.org/10.1155/2016/1478413
Research Article

The Impact of Subway Lines on Residential Property Values in Tianjin: An Empirical Study Based on Hedonic Pricing Model

1School of Management and Economics, Tianjin University, Tianjin, China
2College of Urban and Environmental Science, Tianjin Normal University, Tianjin, China

Received 27 May 2016; Accepted 15 August 2016

Academic Editor: Francisco R. Villatoro

Copyright © 2016 Hui Sun et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

The construction of subways has an external impact on the urban environment. Among them, the most important acceleration function lies in the property values of housing near subway stations. Tianjin, the largest open coastal city in Northern China, is selected as the subject of the research in this paper by virtue of its unique background. The Hedonic Pricing Model is used in analysing the change in the value of the properties located within 1,000 metres of completed subway line 3 stations. Using the theories of land rent and land location, and a model of the impact of urban traffic on the surrounding real estate prices, we analyse the sphere of influence of Tianjin Metro Line 3 on real estate prices. Finally, the paper stresses the importance of urban construction and subway building and finds that different development strategies should be used according to the characteristics of the subway in various regions of the city.