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House Pricing and Subway Distance ----An Analysis of Wuhan Estate Market
- 1 International College Beijing, China Agricultural University, 17 Qinghua Donglu, Beijing, China
* Author to whom correspondence should be addressed.
Abstract
Many real estate developers advertise residential properties as being located near the subway, which makes one wonder whether subway distance affects the unit price of commercial housing. In this paper, the data of more than 900 new houses in Wuhan were collected and analyzed by multiple regression using Hedonic method. Variables were divided into 3 categories: architecture, position and price to make a more detailed and complex analysis. The results show that subway distance is negatively correlated with housing price, and the closer the subway is, the more obvious this effect is. In other words, the closer the house is to the subway, the higher the unit price of the house. This has a unique guiding significance for real estate developers who have commercial housing construction plans in Wuhan. In addition, the study found that the distance of the house from the hospital can significantly affect the level of housing prices.
Keywords
Real estate, house pricing, urban construction, subway
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Cite this article
Li,A. (2024). House Pricing and Subway Distance ----An Analysis of Wuhan Estate Market. Advances in Economics, Management and Political Sciences,77,267-272.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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