bachelor thesis aims to analyze Arenastaden’s impact on existing and new office property values, as well as future property values. The evidence suggests that Arenastaden, with its 30 000 jobs, 3 000 homes, hotels with 400 rooms, Friends Arena and Mall of Scandinavia will, in 2020, have office rents in the range from 2 700 to 3 250 kr/m 2/year, rental rates only seen in the inner-city. Property values have increased by almost 50% over the past three years to 25,000 kr/m2, and if future rents is set to be approximately 3000 kr/m2/year in 2020, the property values are estimated to 40 000 kr/m2. The overall assessment argues that modernity, Mall of Scandinavia and the cluster of office workers has and will be among the most important factors in the development of Arenastaden into a neighborhood with high office rents and property values. / Detta kandidatarbete syftar till att analysera Arenastadens påverkan på befintliga och nya kontorsfastighetsvärden, och hur potentiell värdeförändring i framtiden kan se ut. Mycket tyder på att Arenastaden med sina 30 000 arbetsplatser, 3 000 bostäder, hotell med 400 rum, Friends Arena och Mall of Scandinavia kommer ha mycket höga kontorshyresnivåer runt år 2020 på uppskattningsvis 2 700 – 3 250 kr/m 2/år, som skulle innebära de högsta hyrorna i ytterstaden och kraftigt närma sig de hyror man i övrigt bara ser i innerstaden. Fastighetsvärdena har ökat med nästan 50% de senaste tre åren till 25 000 kr/m2, och om framtida hyresnivåer ökar till en nivå runt 3000 kr/m2/år år 2020, kan fastighetsvärdena bedömas till ca 40 000 kr/m2. Den sammanlagda bedömningen gör gällande att modernitet, Mall of Scandinavia och kluster av kontor har och kommer vara bland de viktigaste faktorerna i utvecklingen av Arenastaden till en stadsdel med höga kontorshyror och fastighetsvärden.

A park is a desirable feature when people are purchasing a property. Buyers are ready to pay more for properties surrounded by natural amenities, such as a pleasant park. However, if a park is perceived as unsafe by local residents, then it may have a negative effect on housing prices. The aim of this study is to investigate the importance of urban parks in Stockholm, capital of Sweden, and to find evidence of whether people in Stockholm are willing to pay extra for parks when purchasing an apartment. This study hypothesized that people’s willingness to pay for urban parks and green spaces is affected by crime. The methodology had two stages. An extensive field work was performed in a selected number of parks to help characterize the parks in Stockholm. This was later followed by the analysis of 2008’s apartment sales using hedonic modelling combined with Geographic Information System (GIS) techniques. Results suggest that the effect of parks vary by park type. An aggregated measure of parks lower apartment prices but the effect turns out to be positive in some cases, or insignificant, when parks are broken down by types. For instance, parks with cultural features, forest feeling, skating and features of national interest increase apartment prices. However, if park have ball games, marina, boating facilities, skate board facilities and frequent social events – these features tend to reduce property values. These findings support the idea that the impact of park on property value depends on the type of park. Contrary to was expected, the park impact on prices does not seem to be affected by seasonal variations (e.g., summer versus winter), only individual months seem to affect prices. More interestingly, crime affects the quality of parks and, in its turn, the relationship between parks and prices. Results show that parks that originally show a positive impact on prices may affect prices negatively if they have relatively high rates of violence and vandalism. The study finalizes with a discussion these results and their implication for future research.

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Advocates of urban light rail transit argue that positive developments around station area(s) should offset the costs of implementing a transit system by creating more livable communities and enhance surrounding residential property values. In some cases, decreased urban landscape aesthetics have been reported. The purpose of this study is to contribute to this debate via an analysis of the impact of the Dallas Area Rapid Transit system on residential property values in Dallas County. By examining the impact of distance on property values of two features of the DART system: the transit station and the rail line, and by holding a series of structural variables constant, a net change in value can be calculated using a multi-regression model.

Urban economic theory states that transit improvements result in travel time savings and consequently warrant higher rents particularly with proximity to surrounding stations. This research uses the Sheppard subway corridor as a case study to test the established theories by measuring the changes to residential intensification and property values (1) as a function of time before and after the construction, and (2) as a function of distance to subway stations. Two metrics are established to observe residential intensification and property value: Dwelling Density and Value Density respectively. Dwelling Density is the number of dwellings contained in its property parcel divided by property area; Value Density is total property value of a given property parcel divided by its property area. Using obtained property sales data in four identified analysis years (1991, 1996, 2001, and 2006) and ArcGIS, spatial interpolation surfaces are generated to visualize the changes on a geographical plane through time. Dwelling and Value Density scatterplots are generated by extracting values from the interpolated surfaces and computing its distance to the nearest subway station and to major development nodes. The generated interpolated surfaces show a strong increase in Dwelling and Value Density in North York Centre which suggest that (1) planning policies succeeded in guiding residential growth, (2) a time lag is present of which the full benefits of rapid transit construction are realized, and (3) there may be positive network effects associated with the completion of the Sheppard subway. The scatterplot results demonstrated moderate change in Dwelling and Value Density at the Bayview station area and little change for the remaining stations (Bessarion, Don Mills, and Leslie) based on observations up to December 2006. The results warrant a degree of optimism about Sheppard subway’s ability to attract residential intensification and raise property values, especially given that data was analyzed only up to four years after the subway corridor began revenue service. It is recommended that a similar methodology be performed at a later date when the corridor’s ridership and surrounding development reaches maturity. A preliminary forecasting exercise determined that Dwelling and Value Density will rise, particularly surrounding stations that have since demonstrated little change in residential land use.

Urban economic theory states that transit improvements result in travel time savings and consequently warrant higher rents particularly with proximity to surrounding stations. This research uses the Sheppard subway corridor as a case study to test the established theories by measuring the changes to residential intensification and property values (1) as a function of time before and after the construction, and (2) as a function of distance to subway stations. Two metrics are established to observe residential intensification and property value: Dwelling Density and Value Density respectively. Dwelling Density is the number of dwellings contained in its property parcel divided by property area; Value Density is total property value of a given property parcel divided by its property area. Using obtained property sales data in four identified analysis years (1991, 1996, 2001, and 2006) and ArcGIS, spatial interpolation surfaces are generated to visualize the changes on a geographical plane through time. Dwelling and Value Density scatterplots are generated by extracting values from the interpolated surfaces and computing its distance to the nearest subway station and to major development nodes. The generated interpolated surfaces show a strong increase in Dwelling and Value Density in North York Centre which suggest that (1) planning policies succeeded in guiding residential growth, (2) a time lag is present of which the full benefits of rapid transit construction are realized, and (3) there may be positive network effects associated with the completion of the Sheppard subway. The scatterplot results demonstrated moderate change in Dwelling and Value Density at the Bayview station area and little change for the remaining stations (Bessarion, Don Mills, and Leslie) based on observations up to December 2006. The results warrant a degree of optimism about Sheppard subway’s ability to attract residential intensification and raise property values, especially given that data was analyzed only up to four years after the subway corridor began revenue service. It is recommended that a similar methodology be performed at a later date when the corridor’s ridership and surrounding development reaches maturity. A preliminary forecasting exercise determined that Dwelling and Value Density will rise, particularly surrounding stations that have since demonstrated little change in residential land use.

Light rail transit (LRT) systems are tools to help reduce traffic congestion and air pollution, promote high-density development and more affordable housing, and curtail urban sprawl in metropolitan cities throughout the United States. The impact of transit system services on property values has been studied from various perspectives using many statistical approaches. There are two general categories of effects that proximity to a light rail system can have on the value of residential properties: accessibility benefits (experienced in close proximity to the LRT stations) might increase property values, while nuisance qualities (experienced in both proximity to the LRT line and stations) could have a negative effect on residential property values. Due to the opposing nature of these coexisting effects, results from many empirical studies have been contradictory or inconclusive. This report reviews the spectrum of results found by the growing body of literature focusing on the capitalization effects of rail stations on property values. The economic effect of one particular LRT system, the 7.5 mile long METRORail line located in Houston, Texas, on the value of properties within close proximity to rail stations has not been thoroughly examined, as it only opened for service in 2004. This study utilizes property data acquired from the Harris County Appraisal District (HCAD), Geographic Information System (GIS) techniques, and Hedonic Price Models to analyze the impact of the LRT system in the city of Houston, Texas, on the value of residential properties that lie within close proximity to the line’s rail stations. / text