Identifying the Impacts of Union Stations on Housing Price in Kaohsiung City, Taiwan

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The aim of this study is to investigate the impacts of proximity to different mass rapid transit (MRT) stations on housing price in Kaohsiung City, Taiwan, in terms of the number of their transit lines. Kaohsiung is the only city in Taiwan where more than four different transit services were developed and built jointly in/around MRT stations as union stations, i.e. High-speed Rail (HSR), Light Rail Transit (LRT) and Commuter Rail Transit (CRT). Constructing such union stations is a way of implementing Transit-oriented Development (TOD) to synergize land use and transportation for promoting accessibility and sustainability in cities. This could lead to an increase in land value and housing price around the TOD project due to the increased proximity to the transit station. The uplift for housing price has been well studied by analyzing single stations or comparing stations across cities; however, little attention was paid to different types of transit union stations, where multiple transit rail lines converge. This study proposes that a union station project, in particular, could lead to a greater increase in the housing price due to its greater connectivity. This study hypothesized that if more types of transit lines are jointly constructed in a union station, it will bring about a larger effect on lifting housing price. The study collected housing transaction data from a real estate information system published by the Department of Land Administration, Taiwan, and built four regression models to test the hypotheses. The results show that union stations generally have larger impacts on lifting housing price, but rejected the hypothesis that three-modal union stations can exert a larger impact on housing price than two-modal union stations. The discussions and limitations are noted in the conclusion for further study.
transit-oriented development, union station, housing price