Analyzing the impact of accessibility on property price by using hedonic-price modelling for supporting urban land management towards TOD in Hanoi, Vietnam

Abstract

Land and property price are determined by a number of characteristics, such as house-related characteristics and neighborhood-related characteristics. Accessibility to urban services and infrastructure is considered as an attribute group with a strong influence on this value. These impacts are diverse and complex, inconsistent, depending on each case study. The paper desires to use the linear regression method to evaluate the impact of accessibility to urban services and transportation on property prices in Hanoi. Some models were set up based on our assumptions on the relationship between accessibility-related attributes and estimated for 4 zones in the south of Hanoi and use them to compare the differences among these zones. Conclusions about the relationship between property prices and accessibility to transit, car-accessibility and accessibility to public amenities will help to enhance many ideas in managing land development in new centers established from Urban Mass Rapit Transit (UMRT) interchanges under the TOD concept-compact development, mixed land use, and easy accessibility.