EXAMINING THE TRANSIT ACCESSIBILITY PREMIUM OF BUS RAPID TRANSIT ON HOUSING PRICE
DOI:
https://doi.org/10.21837/pm.v23i38.1887Keywords:
Bus Rapid Transit (BRT), Difference-in-Differences Method (DiD), Hedonic Pricing Model, Transit Accessibility Premium (TAP), WalkabilityAbstract
Public transportation system is crucial in supporting the urban mobility of a country including Malaysia. This system is built to alleviate the urban congestion in the cities. Good connectivity between locations can be achieved through a combination of bus and rail transit. Among these transit systems, Bus Rapid Transit (BRT) holds both characteristics of bus and rail transit. BRT not only operates on a specific express lane but also offers benefits such as ease of deployment and lower investment costs compared to rail transit systems. However, the impacts of BRT on residential prices has yet to be explored for Malaysian context. Understanding the response of residential market to BRT could provide valuable insights for stakeholders in formulating appropriate strategies and policies. This study applies the difference-in-differences (DiD) method and hedonic pricing model for assessing the Transit Accessibility Premiums (TAP) of BRT stations. The results reveal that residential prices increased by 6.06% after the government announced a new BRT in Bandar Sunway. The variation in premium is highly associated with the proximity to BRT stations. These insights serve as crucial information for policymakers and urban planners in fostering urban development that maximises the benefits of transit-oriented enhancements.
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