Evaluating the impact of rail transit on land value and use: Case study on Nanking rail transit

Recent years, many Chinese cities witness the great investment in rail transit projects in order to improve the quality of urban public transport system. Several prior studies have investigated the impact of rail transit on the value of real estate. As one of the most important parts of the real estate, this paper focused on the impact of rail transit on the land value and use. Based on the land value data from 2001 to 2007 of Nanking, it conclude that the rail transit do have a influence on the value and use of the land along the line, but the relative importance of the impact varies with many factors, such as the time, the land location, the use pattern of the land and the distance from the rail transit station. A hedonic price model had also been established to analyze the quantified impact of the first rail transit line on the land value in Nanking, which showed that the rail transit has a definite influence on the land value, but it is not as great as people expected. At last, some suggestions had been given to integrate the rail transit construction and the land use together to promote the development of both the urban land use and the public transport system.