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The (literally) steepest slope: spatial, temporal, and elevation variance gradients in urban spatial modelling

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  • Victor Yifan Ye
  • Charles M Becker

Abstract

This paper presents an analysis of elevation gradient and temporal future-station effects in urban real estate markets. Using a novel dataset from the Hong Kong publicly constructed housing sector, we find enormous housing price effects caused by levels of terrain incline between apartments and subway stations. Ceteris paribus, two similar apartments with closest metro stations of the same walking distance may sell at a difference of up to 20% because of differences in the apartment-station slope alone. Anticipatory effects are similarly robust: apartment buyers regard a future, closer metro station as being 60% present when making purchases 2 years prior to its opening.

Suggested Citation

  • Victor Yifan Ye & Charles M Becker, 2018. "The (literally) steepest slope: spatial, temporal, and elevation variance gradients in urban spatial modelling," Journal of Economic Geography, Oxford University Press, vol. 18(2), pages 421-460.
    • Handle: RePEc:oup:jecgeo:v:18:y:2018:i:2:p:421-460.
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    File URL: http://hdl.handle.net/10.1093/jeg/lbw043
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    Cited by:

    1. Galina An & Charles Becker & Enoch Cheng, 2021. "Bubbling Away: Forecasting Real Estate Prices, Rents, and Bubbles in a Transition Economy," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 63(2), pages 263-317, June.

    More about this item

    Keywords

    Housing; public transit; metro; elevation; anticipatory effects; Hong Kong;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion; Travel Time; Safety and Accidents; Transportation Noise
    • R53 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

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