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Impact of Rail Transit Stations and Value Capture Planning for Transit in Johannesburg, South Africa
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Impact of Rail Transit Stations and Value Capture Planning for Transit in Johannesburg, South Africa
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Paper
Impact of Rail Transit Stations and Value Capture Planning for Transit in Johannesburg, South Africa
2021
Overview
Purpose: The interaction between rail transit and the urban property market is a crucial foundation for transit orientated development and policy planning in Metropolitan Cities. However, there are only a few studies which report on the impact transit access has on commercial property value in African cities. This paper presents an empirical study from the City of Johannesburg’s inner-city, to contribute to this subject matter.Design/Methodology: The paper utilises multiple regression models to determine statistical significance relating to the impact that a rail transit station has on commercial property values due to proximity and access. This is based on 87 observations of commercial properties located within a 1km radius of the Jeppestown PRASA railway station located in Johannesburg CBD. The paper also discusses the possible impact of other amenities found around close to the commercial properties.Findings: The findings of the study were that proximity to a railway station alone does not significantly impact commercial property values within a 1km radius. The results also show that there are other determinants which influence commercial property value, namely distance to schools, property age, industrial, and abandoned property. Hence, there is limited impact of the railway station on commercial property value.Implications: The discussion in this paper also delves deeper into providing gaps in knowledge on how railway stations relate to urban property market, especially commercial real estate values in Metropolitan cities. Finally, the findings will contribute towards more effective transit-oriented development policies and a better understanding of how public sector investments can help create value for properties.
Publisher
Federal Reserve Bank of St. Louis
