The Influence of Railway Station on Residential Property Values-Spatial Hedonic Approach The Case of Serpong?s Railway Station
DOI:
https://doi.org/10.5614/jts.2011.18.3.7Keywords:
Transit oriented development, Value capture, Spatial hedonic pricing, Railway station, Jakarta metropolitan area.Abstract
Abstract. Urban area management in developed countries such as the United States and Japan which have implemented ?Transit Oriented Development? (TOD), shows that TOD seems capable of increasing the property values and and reducing household expenditure for transportation costs. However, applying the TOD concept in Indonesian cities such as Jakarta, Surabaya, and Medan, is a unique and considerable challenge, considering urban transportation condition in Indonesia that is far different from the conditions in urban areas in developed countries. One of important infrastructure policy issues for Jakarta and other rapidly growing cities in Indonesia is how to raise fiscal revenues through ?value capture?, in which the increase the property values is due to better access and services from the existances of the railway stations. The research is based on a case study in Serpong, a neighborhood in Jakarta Metropolitan Area (JMA), Indonesia. The focus of this study is to test the basic viewpoint of TOD strategy which is how transport infrastructure such as railway stations influence the property values of a neighborhood. Following Anselin and Lozano-Gracia?s (2009) framework, this paper uses a spatial hedonic pricing model that allows to measure both ?direct and in-direct effects? or ?externality spillovers? from the existence of the railway stations.Abstrak. Pengelolaan kawasan perkotaan di negara-negara maju seperti Amerika Serikat, Jepang, dan lain-lain yang telah menerapkan konsep "Pembangunan berorientasi Transit" atau lazim disebut dengan istilah ?transit oriented development? (TOD), menunjukkan bahwa TOD tampaknya mampu meningkatkan nilai properti dan dan mampu mengurangi pengeluaran rumah tangga untuk biaya transportasi. Namun demikian, menerapkan konsep TOD di kota-kota Indonesia seperti Jakarta, Surabaya, dan Medan, merupakan tantangan yang unik dimana kondisi tataruang kota dan transportasi perkotaan di Indonesia yang jauh berbeda dari kondisi di daerah perkotaan di negara-negara maju. Salah satu isu kebijakan infrastruktur penting untuk Jakarta dan kota-kota berkembang pesat di Indonesia adalah bagaimana memberikan jastifikasi meningkatkan pendapatan fiskal melalui konsep "value capture", di mana nilai properti meningkat karena akses dan layanan yang baik dari keberadaan stasiun kereta api. Penelitian ini didasarkan pada studi kasus di Serpong, sebuah lingkungan di Jakarta Metropolitan Area (JMA), Indonesia. Fokus dari penelitian ini adalah untuk menguji sudut pandang dasar strategi TOD yaitu bagaimana infrastruktur transportasi, seperti stasiun kereta api, mempengaruhi nilai properti yang ada disekitarnya. Dengan menggunakan kerangka metodoologi yang sama dengan Anselin dan Lozano-Gracia (2009),?spatial hedonic pricing models? studi ini mampu mengukur baik "efek langsung? maupun ?tidak langsung" dari "limpahan eksternalitas" keberadaan stasiun kereta api.
References
Anselin, L., Syabri, I., and Kho, Y., 2006, GeoDa: An Introduction to Spatial Data Analysis, Geographical Analysis, Vol. 38 (1), pp. 5-22
Anselin, L. and Lozano-Gracia, N., 2009, Spatial Hedonic Models. In T.C. Mills and K. Patterson (Eds), Palgrave Handbook of Econometrics, Volume 2: Applied Econometrics, pp. 1213-1250. Basingstoke: Palgrave Macmillan.
Billings, S.B., 2011, Estimating the Value of a New Transit Option, Reg. Sci. Urban Econ. Article in Press.
Beron, K.J., Hanson, Y., Murdoch, J.C., and Thayer, M.A., 2004, Hedonic Price Functions and Spatial Dependence: Implications for the Demand for Urban air Quality. In Anselin, L., Florax, R.J., and Rey, S.J., editors, Advances in Spatial Econometrics: Methodology, Tools and Applications, pp. 267-281. Springer-Verlag, Berlin.
Bowes, D.R., Ihlanfeldt, K.R., 2001, Identifying the Impacts of Rail Transit Stations on Residential Poperty Values. Journal of Urban Economics, 50 (1), pp. 1-25.
D.E., W.B. Allen, and Tang F., 1976, Impact of Rapid Rail Transit on Residential-Property Sales Prices, in ""Location and Regional Space Development'' M Chatterji, Ed., Pion, Ltd., London.
BPS, Biro Pusat Statistik, 2010, Sensus Penduduk 2010
Cervero, R., Murphy, S., Ferrel, C., Goguts, N., Tsai, Y., Arrington, G.B., Boroski, J., Smith-Heimer, J., Golem, R., Peninger, P., Nakajima, E., Chui, E., Dunphy, R., Myers, M., McKay, S., Witenstein, N., 2004, Transit-Oriented Development in the United States: Experiences, Challenges, and Prospects, Transit Cooperative Research Program (TCRP) Report 102. Washington: Transportation
Research Board, National Academy Press.
Cervero, R.. 1994, Transit-based Housing in California: Evidence on Ridership Impact. Transport Policy, Vol. 3, pp. 174-183.
Cervero, R., Kockelman, K., 1997, Travel Demand and the 3Ds: Density, Diversity, and Design. Transportation Research D, 2, (3), pp. 199-219.
Chalermpong, S., 2007, Rail Transit and Residential Land Use in Developing Countries: A Hedonic Study of Residential Property Prices in Bangkok, Thailand, Transportation Research Record: Journal of the Transportation Research Board, No. 2038, pp. 111-119.
Chalermpong, S., and Wattana, K., 2010, Rent Capitalization of Access to Rail Transit Stations: Spatial Hedonic Models of Office Rent in Bangkok, Journal of the Eastern Asia Society for Transportation Studies, Vol. 8, pp. 926-940.
Dishub, DKI Jakarta, 2010, Laporan Tahunan Transportasi Earnhart, D., 2002, Combining Revealed and Stated Data to Examine Housing Decisions Using Discrete Choice Analysis. Journal of Urban
Economics, 51, pp. 143-169.
Gakenheimer R., 1999, Urban Mobility in the Developing World, Transportation Research Part A, 33, pp. 671-689 http://maps.google.com/maps?hl=en&tab=ml
Kim, J., and Zhang, M., 2005, Determining Transit's Impact on Seoul Commercial Land Values: An Application of Spatial Econometrics, International Real Estate Review Vol. 8 No. 1, pp. 1 -26.
Lin, J.J., and Gau. C.C.. (2006, A TOD Planning Model to Review the Regulation of Allowable Development Densities Around Subway Stations. Land Use Policy 23(3): 353-360.
Nations Online, 2011, "First, Second and Third World". http://www.nationsonline.org/oneworld/third_world_countries.htm. Retrieved November 2011.
Palmquist, R.B., 2005, Property Value Models, in Handbook of Environmental Economics, Volume 2. Karl-Gran Maler and Jeffery Vincent eds. Amsterdam: North Holland Press.
PT Kereta Api Devisi Jabodetabek, http://id.wikipedia.org/wiki/KRL_Jabotabek, last accessed July 1, 2011
Rodrigue J.P, Comtois C., Slack, B., 2009, The Geography of Transport Systems, Routledge, 352 pages.
Shin, K., Washington, S., and Choi, K., 2007, Effects of Transportation Accessibility on Residential Property Values: An Application of Spatial Hedonic Price Model in the Seoul Metropolitan Area. Washington, D.C: Presented at the 86th Annual Meeting of the Transportation Research Board.
Whittington, D., 2002, Improving the Performance of Contingent Valuation Studies in Developing Countries. Environmental and Resource Economics 22, pp. 323-367.
