Impacts of characteristics of service facilities in metro station area on housing prices

Abstract

Transit-oriented development is extensively employed for the development of metro stations. Service facilities are key components of the regional built environment of metro stations, and the arrangement and design of these facilities significantly impact regional economic efficiency, particularly housing prices. Data from Tianjin, China are analyzed using the gradient boosting decision tree model to explore the impacts of service facilities on housing prices at various operational stages. The results showed that: (1) the development of metro stations encourages the evolution of housing prices and service facilities, and there is a more pronounced concentration effect of service facility allocation intensity on the urban central circle; (2) the characteristics of service facilities in metro station areas have a nonlinear effect and threshold effect on housing prices; (3) the gradient boosting decision tree model explains a premium effect, which is better than the ordinary least square model; (4) kernel the density is the most significant, and affects housing prices, with per capita quantity decreasing as diversity increases over time. The results encourage government departments to enhance the construction of improved rail transit links and to optimize public service facilities in station areas.