TY - JOUR
T1 - Announcement of the first metro line and its impact on housing prices in Bogotá
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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U2 - 10.1016/j.cstp.2022.100941
DO - 10.1016/j.cstp.2022.100941
M3 - Research Article
AN - SCOPUS:85146158365
SN - 2213-624X
VL - 11
JO - Case Studies on Transport Policy
JF - Case Studies on Transport Policy
M1 - 100941
ER -
