Bus rapid transit impacts on land uses and land values in Seoul, Korea

Author(s): Cervero, Robert
All authors:
Cervero, R., Kang, C.
Host organisation: CoE Berkeley, USA
Country: South Korea
Publication year: 2011
Published in:
Transport Policy, Vol. 18, No. 1, pp. 102-116, 2011
Research theme: Mobility and Access, Policy and Planning, Public Transport
Keywords:
bus rapid transit, land use, capitalization, Hedonic price models, multilevel models, land-use planning, value capture
Type:
Research article
Summary:
Bus rapid transit (BRT) has gained popularity as a cost-effective alternative to urban rail investments; however, relatively little is known about its impacts on land-use changes and land values. This paper examines the land-market effects of converting regular bus operations to median-lane bus services in Seoul, Korea, one of the densest, most congested cities in the world. Multilevel models reveal BRT improvements prompted property owners to convert single-family residences to higher density apartments and condominiums. Land price premiums of up to 10% were estimated for residences within 300 m of BRT stops and more than 25% for retail and other non-residential uses over a smaller impact zone of 150 m. The research findings underscore the importance of introducing zoning and other land regulatory changes prior to the initiation of BRT improvements as well as applying value-capture tools to help finance investments and redress inequities.
November 2017
Upcoming Events
Mo Tu We Th Fr Sa Su
v44      1 2 3 4 5
v45  6 7 8 9 10 11 12
v46  13 14 15 16 17 18 19
v47  20 21 22 23 24 25 26
v48  27 28 29 30      

Blog! Blog! Blog!

Global Mobility Research

This Meeting of the Minds' blog monthly releases interviews of global transportation researchers from the VREF's Future Urban Transport Program Network.


The VREF invites PhD students and early stage researchers to apply for a Study Visit Grant to be supported with up to SEK 30 000.

The invitation is now closed.

Each year the Håkan Frisinger Foundation for Transportation Research awards a scholarship to a prominent researcher.

Read more...

About VREF

The Volvo Research and Educational Foundations (VREF) inspires, initiates and supports research and educational activities through the Future Urban Transport Programme - How to deal with the complexity of urban transport (FUT). 

Our Vision: Sustainable transport for equitable access in urban areas

Read more

© Copyright VREF
2017