This study estimates the residential property prices in Tehran using hedonic price functions and Spatial Econometrics. The newly employed method is extending the analysis to the neighbourhood level (361 sectors) using the city's planning and GIS tools. The results show that the spatial econometric model has higher identification than the simple econometric model. The distance between the centre of city-sector and metro-station, which is a spatial variable, has a small significant negative coefficient (near to zero) in the model. In addition, proximity to a metro station has not had a large negative impact on residential property values and it can be said that it has been ineffective.
JEL Classification: R32, R12, C21
A. Milani, M., & Haddadi, M. (2013). Metro and Its Effect on Residential Property Prices (Tehran). Journal of Economic Research (Tahghighat- E- Eghtesadi), 47(4), 79-96. doi: 10.22059/jte.2013.30194
MLA
Mahnoush A. Milani; Mehrnoosh Haddadi. "Metro and Its Effect on Residential Property Prices (Tehran)". Journal of Economic Research (Tahghighat- E- Eghtesadi), 47, 4, 2013, 79-96. doi: 10.22059/jte.2013.30194
HARVARD
A. Milani, M., Haddadi, M. (2013). 'Metro and Its Effect on Residential Property Prices (Tehran)', Journal of Economic Research (Tahghighat- E- Eghtesadi), 47(4), pp. 79-96. doi: 10.22059/jte.2013.30194
VANCOUVER
A. Milani, M., Haddadi, M. Metro and Its Effect on Residential Property Prices (Tehran). Journal of Economic Research (Tahghighat- E- Eghtesadi), 2013; 47(4): 79-96. doi: 10.22059/jte.2013.30194
', './data/jte/coversheet/cover_en.jpg'))