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Asian Development Policy Review

December 2014, Volume 2, 4, pp 61-71

An Empirical Study of the Impact of Metro Station Proximity on Property Value in The Case of Nanjing, China

Xinyue Zhang


Yanqing Jiang

Xinyue Zhang 1
Yanqing Jiang 2

  1. School of Economics and Finance, Shanghai International Studies University, Shanghai, P. R. China 1

  2. School of Economics and Finance, Shanghai International Studies University, P. R. China 2


This paper analyzes the impact of metro station proximity on property value from both theoretical and empirical perspectives. Data on second-hand apartments within six kilometers of metro line 1 and 2 stations in Nanjing are used. Our empirical results show that metro station proximity has a positive partial effect on property value. The degree of impact diminishes with the increase of the distance. The extent of impact reaches the largest when the distance is less than five hundred meters, and is still remarkable when the distance is within two kilometers. The effect becomes insignificant when the distance is larger than two kilometers. Our empirical results also show that with the distance increasing, the extent of price variation is widened first, reaching a peak when the property is within one kilometer, and then decreases. In addition, metro station proximity in suburban areas is shown to have a higher positive impact on property value compared with metro station proximity in urban areas.

Contribution/ Originality
This study contributes in the existing literature by analyzing the impact of metro station proximity on property value from both theoretical and empirical perspectives, in the case of the city Nanjing, China.



  1. Alonso, W., 1964. Location and land use: Toward a general theory of land rent. Cambridge, MA: Harvard University Press.
  2. Bowes David, R. and R. Ihlanfeldt Keith, 2001. Identifying the impacts of rail transit stations on residential property values. Journal of Urban Economics, 50(1): 1-25.
  3. Brigham, E., 1965. The determinants of residential land values. Land Economics, 41(4): 325-334.
  4. Fujita, M., 1989. Urban economic theory. Cambridge: Cambridge University Press.
  5. Grass, R.G., 1992. The estimation of residential property values around transit station sites in Washington, D.C. Journal of Economics and Finance, 16(3): 139-146.
  6. Hansen, W.G., 1959. How accessibility shapes land use. Journal of American Institute of Planners, 25(2): 73-76.
  7. Kruk, R.V.D., 2001. Economic impact of wetland amenities: A special econometric analysis of the Dutch housing market. Unpublished Manuscript.
  8. Von Thu?nen, J., 1830. Der isolierte staat in Beziehung auf landwirschaft und nationalokonomie. Munich: Pflaum.


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