The Effects of the Bus Rapid Transit Infrastructure on the Property Values in Colombia

Travel Behaviour and Society, 6 (2017) 90-99

Posted: 12 Jun 2017

See all articles by Jorge Andres Perdomo Calvo

Jorge Andres Perdomo Calvo

Universidad del País Vasco (UPV/EHU) - Department of Applied Economics III (Econometrics and Statistics)

Date Written: August 25, 2016

Abstract

Several articles have theoretically and empirically verified favorable changes in the value (per square meter) of properties near urban mass transit infrastructure. The main purpose of this study was to demonstrate this effect under an unbiased specification using Geographical Information Systems (GIS) and advanced econometric techniques (Pooled Cross Sections, Spatial Econometrics, Box-Cox Transformation and Structural Change). Particularly, if the construction of the bus rapid transit (BRT) infrastructure impacted the price market (per square meter or asking price) of the residential and commercial properties in Bogota and Barranquilla (Colombia) with access to the BRT. Results indicated the true private monetary or higher valuation of such properties, caused by public investment over several years (1999–2011). This effect is conceived as a positive economic externality of the BRT projects.

Keywords: Property value, BRT infrastructure, Colombia, Advanced econometric techniques, Unbiased specification

JEL Classification: C52, L92, R14, R23, R42

Suggested Citation

Perdomo Calvo, Jorge Andres, The Effects of the Bus Rapid Transit Infrastructure on the Property Values in Colombia (August 25, 2016). Travel Behaviour and Society, 6 (2017) 90-99. Available at SSRN: https://ssrn.com/abstract=2853574

Jorge Andres Perdomo Calvo (Contact Author)

Universidad del País Vasco (UPV/EHU) - Department of Applied Economics III (Econometrics and Statistics) ( email )

Avda. Lehendakari Aguirre 83
Bilbao, Vizcaya 48015
Spain

Register to save articles to
your library

Register

Paper statistics

Abstract Views
135
PlumX Metrics