Impact of proximity to light rail (LRT-1, LRT-2, and MRT) stations on property prices in Quezon City
Date
2018-05-04
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
The “Build Build Build” program of the current administration has led to
questions about the effects of mass transit infrastructure on surrounding properties and
whether they present a boon or bane for property owners. We explore the link between
property prices and distance to light rail stations using a hedonic model of property
pricing. Using data gathered from the Quezon City Assessment Records Office, the 2016
Survey of Business and Industry, and the 2015 Census of the Population, we estimate the
effect of distance to light rail stations on the market price of properties. We found that
being within a one-kilometer proximity to light rail stations brought with it discounts
depending on the rail system and property classification in question. We believe that the
results of this research may be of aid in the planning and development of urban spaces in
and around light rail stations in Metro Manila.
Description
Keywords
LRT-1, LRT-2, MRT, property, Quezon City