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| Tekijä: | Larinkoski, Amos |
| Työn nimi: | Impact of train station proximity on apartment prices in Helsinki |
| Julkaisutyyppi: | Diplomityö |
| Julkaisuvuosi: | 2016 |
| Sivut: | 98 s. + liitt. 35 Kieli: eng |
| Koulu/Laitos/Osasto: | Insinööritieteiden korkeakoulu |
| Oppiaine: | Real Estate Investment and Finance (M3009) |
| Valvoja: | Viitanen, Kauko |
| Ohjaaja: | Tenhola, Mikko |
| Elektroninen julkaisu: | http://urn.fi/URN:NBN:fi:aalto-201604201865 |
| Sijainti: | P1 Ark Aalto 3654 | Arkisto |
| Avainsanat: | train station proximity residential property transaction price impact lähijuna-aseman läheisyys asuinkiinteistö kauppahinta vaikutus |
| Tiivistelmä (eng): | This research aims to investigate whether the proximity of a commuter train station has an impact on the transaction price of adjacent residential properties - more specifically, apartments located in apartment houses in three residential districts in Helsinki. Two methods are used in this study. An initial hypothesis is conducted based on the results of a simplified approach, a statistical data analysis performed in Excel. The initial hypothesis is then tested by performing a regression analysis with the OLS-method. The initial data used in this study comprising a total of 49,665 actual transactions is based on the apartment transaction information gathered by The Central Federation of Finnish Real Estate Agencies. All transactions are geocoded and the position of each observation relative to the respective stations is determined by using GIS-tools and a derived Pythagorean theorem. The analysis is delimited geographically to a zone with a 1,500m radius around each of the investigated train stations. The initial hypothesis suggests that the impact of train station proximity is positive in Huopalahti and Kannelmäki, whereas in Oulunkylä it is negative, thus, indicating that no universal pattern exists in respect of the impact of train station proximity on the value of adjacent residential properties. According to the results of the regression analysis, in Huopalahti and Oulunkylä the train station proximity is experienced to have a positive impact on the value of adjacent properties, whereas in Kannelmäki this effect is contrary. Both the initial hypothesis and the results from the regression model suggest that train station proximity has an impact on the value of adjacent residential properties. However, results from both approaches indicate that the impact of train station proximity varies in direction, scale and magnitude depending on the geographical area. Hence, it can be concluded that no universal pattern exists in respect of the impact of the train station proximity on the value of adjacent residential properties. This variance in results can to some part be explained by the fact that numerous other factors besides the train station proximity influence the value creation of a residential property. Most importantly, the transaction process of residential properties generally is affected by the special characteristic of individuals' subjective appreciation concerning the property. By introducing more variables to the model, the accuracy of the model can be increased. In further studies this could reveal interesting results. |
| ED: | 2016-05-01 |
INSSI tietueen numero: 53498
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