The real estate market and public transportation systems in developing countriesthe case of Medellín, Colombia

Resumo

The objective of this study was to measure the effect of the distance between homes and the stations of the integrated public transportation system in Medellín on home prices. The hedonic models used here were calculated using ordinary least squares (OLS) and two spatial econometric models: the spatial autoregressive (SAR) model and the spatial error model (SEM). The results obtained indicate that the stations of this transportation system have an impact on home prices depending on the income level of the district where they are located. On the one hand, the price of a home in a low- or middle-income district can increase (17.1% or 15%) if it is “near” a station (1.5–2.0 km and 1.0–1.5 km, respectively), but it is not affected if the housing unit is “too close” (up to 1.0 km). On the other hand, if the housing unit is located in a high-income district, the nearer it is to a station, the lower its price (-15% between 0 and 1.0 km, and -12% between 0.5 and 1.0 km). These results are relevant for all the agents involved in real estate and public policy makers interested in executing transportation infrastructure projects in cities in developing countries.

Ficha do documento

Tipo

Artigo científico

Ano

2022

Instituição

Pontifícia Universidade Católica do Paraná - PUCPR

Fonte

urbe — Revista Brasileira de Gestão Urbana

Idioma

Português

Acesso

Não informado

Identificador

oai:ojs.periodicos.pucpr.br:article/29616

Licença

http://creativecommons.org/licenses/by/4.0

Temas

Políticas Públicas