Announcement of the first metro line and its impact on housing prices in Bogotá

Jeisson Cárdenas; Juan Miguel Gallego; María Alejandra Urrutia

doi:10.1016/j.cstp.2022.100941

Announcement of the first metro line and its impact on housing prices in Bogotá

Jeisson Cárdenas
, Juan Miguel Gallego
, María Alejandra Urrutia

Faculty of Economics

Research output: Contribution to Journal › Research Article › peer-review

7 Scopus citations

Abstract

Transport infrastructure investment impacts mobility and may significantly affect the capitalisation of the areas surrounding these infrastructure projects, even before the projects are completed. This paper analyses the impact that the announcement of the First Metro Line has on housing prices in the city of Bogotá. It combines innovative databases, web scraping and Google Maps with administrative records—such as the Bogotá Urban Development Institute (IDU, by its acronym in Spanish) databases—to assess how the announcement of the metro construction impacts the rental or sales market prices for the houses surrounding the infrastructure projects. The results show that the housing sale prices increased since October 2019, the time when the awarding of the contract for construction of the First Metro Line was announced. The flats and houses on sale located within 1.5 km from the future metro stations showed an increase of 10.5 and 6.5% in prices, respectively.

Original language	English (US)
Article number	100941
Journal	Case Studies on Transport Policy
Volume	11
DOIs	https://doi.org/10.1016/j.cstp.2022.100941
State	Published - Mar 2023

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 9 Industry, Innovation, and Infrastructure
SDG 11 Sustainable Cities and Communities

All Science Journal Classification (ASJC) codes

Geography, Planning and Development
Transportation
Urban Studies

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10.1016/j.cstp.2022.100941

Cite this

@article{47debdba891d4867b74e867cede576ea,

title = "Announcement of the first metro line and its impact on housing prices in Bogot{\'a}",

abstract = "Transport infrastructure investment impacts mobility and may significantly affect the capitalisation of the areas surrounding these infrastructure projects, even before the projects are completed. This paper analyses the impact that the announcement of the First Metro Line has on housing prices in the city of Bogot{\'a}. It combines innovative databases, web scraping and Google Maps with administrative records—such as the Bogot{\'a} Urban Development Institute (IDU, by its acronym in Spanish) databases—to assess how the announcement of the metro construction impacts the rental or sales market prices for the houses surrounding the infrastructure projects. The results show that the housing sale prices increased since October 2019, the time when the awarding of the contract for construction of the First Metro Line was announced. The flats and houses on sale located within 1.5 km from the future metro stations showed an increase of 10.5 and 6.5\% in prices, respectively.",

author = "Jeisson C{\'a}rdenas and Gallego, \{Juan Miguel\} and Urrutia, \{Mar{\'i}a Alejandra\}",

note = "Funding Information: The authors would like to thank the Scientific Colombia Program – EFI Alliance for their financial support to the productive and social inclusion program: programs and policies for the promotion of a formal economy, code 60185, which are part of the EFI Alliance – Formal and Inclusive Economy, under the Contingent Recovery Agreement No. FP44842-220-2018. Furthermore, the authors are very grateful for Jonathan Sarango Iturralde{\textquoteright}s valuable assistance throughout this paper. Publisher Copyright: {\textcopyright} 2022 World Conference on Transport Research Society",

year = "2023",

month = mar,

doi = "10.1016/j.cstp.2022.100941",

language = "English (US)",

volume = "11",

journal = "Case Studies on Transport Policy",

issn = "2213-624X",

publisher = "Elsevier BV",

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TY - JOUR

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AU - Cárdenas, Jeisson

AU - Gallego, Juan Miguel

AU - Urrutia, María Alejandra

N1 - Funding Information: The authors would like to thank the Scientific Colombia Program – EFI Alliance for their financial support to the productive and social inclusion program: programs and policies for the promotion of a formal economy, code 60185, which are part of the EFI Alliance – Formal and Inclusive Economy, under the Contingent Recovery Agreement No. FP44842-220-2018. Furthermore, the authors are very grateful for Jonathan Sarango Iturralde’s valuable assistance throughout this paper. Publisher Copyright: © 2022 World Conference on Transport Research Society

PY - 2023/3

Y1 - 2023/3

N2 - Transport infrastructure investment impacts mobility and may significantly affect the capitalisation of the areas surrounding these infrastructure projects, even before the projects are completed. This paper analyses the impact that the announcement of the First Metro Line has on housing prices in the city of Bogotá. It combines innovative databases, web scraping and Google Maps with administrative records—such as the Bogotá Urban Development Institute (IDU, by its acronym in Spanish) databases—to assess how the announcement of the metro construction impacts the rental or sales market prices for the houses surrounding the infrastructure projects. The results show that the housing sale prices increased since October 2019, the time when the awarding of the contract for construction of the First Metro Line was announced. The flats and houses on sale located within 1.5 km from the future metro stations showed an increase of 10.5 and 6.5% in prices, respectively.

AB - Transport infrastructure investment impacts mobility and may significantly affect the capitalisation of the areas surrounding these infrastructure projects, even before the projects are completed. This paper analyses the impact that the announcement of the First Metro Line has on housing prices in the city of Bogotá. It combines innovative databases, web scraping and Google Maps with administrative records—such as the Bogotá Urban Development Institute (IDU, by its acronym in Spanish) databases—to assess how the announcement of the metro construction impacts the rental or sales market prices for the houses surrounding the infrastructure projects. The results show that the housing sale prices increased since October 2019, the time when the awarding of the contract for construction of the First Metro Line was announced. The flats and houses on sale located within 1.5 km from the future metro stations showed an increase of 10.5 and 6.5% in prices, respectively.

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DO - 10.1016/j.cstp.2022.100941

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VL - 11

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JF - Case Studies on Transport Policy

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ER -

Announcement of the first metro line and its impact on housing prices in Bogotá

Abstract

UN SDGs

All Science Journal Classification (ASJC) codes

Access to Document

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