The effect of locations of central metro stations on real estate values. A case study of Thessaloniki, Greece.

  • Agapi Xifilidou Aristotle University of Thessaloniki, Greece, Faculty of Engineering, School of Rural and Surveying Engineering
  • Nikolaos Karanikolas Aristotle University of Thessaloniki, Greece, Faculty of Engineering, School of Spatial Planning and Development (Eng.)
  • Spyridon Spatalas Aristotle University of Thessaloniki, Greece, Faculty of Engineering, School of Rural and Surveying Engineering
Keywords: Metro stations, real estate values, Thessaloniki, Greece

Abstract

Almost all of the most populated cities in the world have invested heavily on high capacity urban public transit systems. Apart from the direct economic benefits –travel time reduction, environmental benefits, some indirect benefits are the increase in real estate values (residential and commercial), improved accessibility and possible land use changes towards the development of an area. This study investigates the impact of the future central metro stations of Thessaloniki on real estate values. Real estate values can increase up to 11,3% at a distance shorter than 50 m and gradually decrease up to -14% for a distance greater than 500 m. A hedonic analysis is presented so as to determine the influence of metro stations to 52 commercial properties. The results of the investigation indicate that the changes in market are not necessarily connected or totally attributed to the construction of the metro stations. Instead interesting results show that in some cases common belief about the impact of urban public transit systems can be slightly different.

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Author Biographies

Agapi Xifilidou, Aristotle University of Thessaloniki, Greece, Faculty of Engineering, School of Rural and Surveying Engineering

Mrs Xifilidou is a PhD candidate in Aristotle University of Thessaloniki, Greece, Faculty of Engineering, School of Rural and Surveying Engineering. His research interests are: real estate values, economy and real estate, environment-regional and urban planning. Among his recent papers: Karanikolas N., Vagiona D., Xifilidou A., “Real estate values and environment: A case study on the effect of the environment on residential real estate values”, International Journal of Academic Research, PROGRESS, January 30, 2011.

Nikolaos Karanikolas, Aristotle University of Thessaloniki, Greece, Faculty of Engineering, School of Spatial Planning and Development (Eng.)

Dr. Karanikolas is a Lecturer in Aristotle University of Thessaloniki, Greece, Faculty of Engineering, School of Spatial Planning and Development (Eng.). His research interests are: Thematic Cartography, Human and Urban Geography, Valuation of Real Estate, Land Management. among his recent papers: Georgiadis, Ch., V. Tsioukas, D. Kaimaris, N. Karanikolas, E. Stylainidis,P. Patias, O. Georgoula, “Earth Observation activities for the environment in Greece”, in “Status of Earth Observation activities for the environment in the Balkan area”, South-Eastern European Journal of Earth Observation and Geomatics, Vol 1, No 1s (2012) pp. 81-110.


Spyridon Spatalas, Aristotle University of Thessaloniki, Greece, Faculty of Engineering, School of Rural and Surveying Engineering

Dr. Spatalas is a Professor in Aristotle University of Thessaloniki, Greece, Faculty of Engineering, School of Rural and Surveying Engineering. His research interests are: Topography, Surveying, GIS, Geodesy, and Cartography.


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Published
2012-07-15
How to Cite
Xifilidou, A., Karanikolas, N., & Spatalas, S. (2012). The effect of locations of central metro stations on real estate values. A case study of Thessaloniki, Greece. TeMA - Journal of Land Use, Mobility and Environment, 5(2), 185-194. https://doi.org/10.6092/1970-9870/860
Section
LUME (Land Use, Mobility and Environment)