<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real estate. The study aims to evaluate the impact of TOD on property prices in Kuala Lumpur. It utilizes secondary data obtained from the National Property Information Centre (NAPIC), Malaysia, after data cleaning, Nine Thousand Five Hundred and Forty-Nine (9549) Housing Transactions between the periods 2009 and 2018 were used. The research design was quantitative, and the Hedonic Price Model (log-log model) was used for data analysis. The model revealed a multiple correlation coefficient (R) of 0.891 and an adjusted R2 value of 0.794, indicating that 79.4% of the house price variation is explained by the model. The F value of 996.921, which is statistically significant, indicates that the predictors significantly combine to predict the price of TOD areas in Kuala Lumpur. The coefficient for LnTrainsta is 0.056, indicating that there was a positive relationship between residential house prices and TOD in Kuala Lumpur; this explains that house prices increase by 5.6% for every 100 meter closer to the rail transit station.</p>
</abstract>

The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real estate. The study aims to evaluate the impact of TOD on property prices in Kuala Lumpur. It utilizes secondary data obtained from the National Property Information Centre (NAPIC), Malaysia, after data cleaning, Nine Thousand Five Hundred and Forty-Nine (9549) Housing Transactions between the periods 2009 and 2018 were used. The research design was quantitative, and the Hedonic Price Model (log-log model) was used for data analysis. The model revealed a multiple correlation coefficient (R) of 0.891 and an adjusted R2 value of 0.794, indicating that 79.4% of the house price variation is explained by the model. The F value of 996.921, which is statistically significant, indicates that the predictors significantly combine to predict the price of TOD areas in Kuala Lumpur. The coefficient for LnTrainsta is 0.056, indicating that there was a positive relationship between residential house prices and TOD in Kuala Lumpur; this explains that house prices increase by 5.6% for every 100 meter closer to the rail transit station.

Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia

Department of Real Estate and Facilities Management, Faculty of Technology Management and Business

Real Estate Management and Valuation

This work is licensed under the Creative Commons Attribution 4.0 International License.

{"article-title":"Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia"}

The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the...

Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia

Published Online: Mar 23, 2024

Page range: -

Received: Nov 02, 2023

Accepted: Mar 21, 2024

DOI: https://doi.org/10.2478/remav-2024-0022

Keywords
Transit Oriented Development, mixed-used centers, rail transit, Hedonic Price Model

© 2024 Abdulazeez Adam Muhammad et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia

Published Online: Mar 23, 2024

Page range: -

Received: Nov 02, 2023

Accepted: Mar 21, 2024

DOI: https://doi.org/10.2478/remav-2024-0022

KeywordsTransit Oriented Development, mixed-used centers, rail transit, Hedonic Price Model

© 2024 Abdulazeez Adam Muhammad et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
Transit Oriented Development, mixed-used centers, rail transit, Hedonic Price Model