The Impacts of Mass Transit Improvements on Residential Land Development Values: Evidence from the Bangkok Metropolitan Region

Abstract

This study examines the impacts of the new mass transit systems on the land values of residential development in the Bangkok Metropolitan Region, Thailand, using geographic information systems and spatial econometrics. The study finds that the proximity to mass transit stations spatially correlates with an increase in the prices of residential land. The benefits of the new mass transit stations, however, may not be equally distributed to the residents of Bangkok due to the lack of value-capture mechanisms such as a capital gains tax or a property tax. Policy implications regarding property taxation are also discussed.

本文用地理信息系统和空间计量经济学，研究泰国曼谷市区新建大型交通系统对住宅开发中土地价值的影响。研究发现离大型交通站点越近，住宅用地的价格越高。但是，由于没有资本利得税或房产税等价值捕获机制，曼谷的居民可能并不能平等享受新建大型交通站点的益处。本文还讨论了房产征税的政策意义。

Keywords::

• Spatial analysis
• land values
• mass transit
• GIS
• Bangkok