1# RECORD 1cfe837df0de5fbf9301d42a68087ac61222c1732# TITLE: The real estate market and public transportation systems in developing countries: the case of Medellín, Colombia3# YEAR: 2022.0 VENUE: Urbe : Revista Brasileira de Gestão Urbana DOI: 10.1590/2175-3369.014.e202104474# AUTHORS: H. D. Villada-Medina5# PAGES: 24 CANDIDATE TABLE PAGES (1-based): []6# ABSTRACT: Abstract The objective of this study was to measure the effect of the distance between homes and the stations of the integrated public transportation system in Medellín on home prices. The hedonic models used here were calculated using ordinary least squares (OLS) and two spatial econometric models: the spatial autoregressive (SAR) model and the spatial error model (SEM). The results obtained indicate that the stations of this transportation system have an impact on home prices depending on the income level of the district where they are located. On the one hand, the price of a home in a low- or middle-income district can increase (17.1% or 15%) if it is “near” a station (1.5-2.0 km and 1.0-1.5 km, respectively), but it is not affected if the housing unit is “too close” (up to 1.0 km). On the other hand, if the housing unit is located in a high-income district, the nearer it is to a station, the lower its price (-15% between 0 and 1.0 km, and -12% between 0.5 and 1.0 km). These results are relevant for all the agents involved in real estate and public policy makers interested in executing transportation infrastructure projects in cities in developing countries.789===== PAGE 1 (score 7, numeric-paren 0, table-words 0, var-words 7) =====1011 12 13 14Artigo Científico 15 16 17doi: 10.1590/2175-3369.014.e20210447 18 19HDV-M es MSc in Finance and PhD (c) in Economics and Business Studies, e-mail: hernanvillada @itm.edu.co 20 21urbe. Revista Brasileira de Gestão Urbana, 2022, 14, e20210447 22 1/23 23 24The real estate market and public 25transportation systems in developing 26countries: the case of Medellín, Colombia 27Mercado imobiliário e sistemas de transporte público em países em 28desenvolvimento: el caso de Medellín, Colômbia 29ISSN 2175-3369 30Licenciado sob uma Licença Creative Commons 31 32Hernán Darío Villada-Medina[a]33 34[a] Instituto Tecnológico Metropolitano, Facultad de Ciencias Económicas y Administrativas, Medellín, Colombia 35 36 37Cómo citar: Villada-Medina, H. D. (2022). The real estate market and public transportation systems in developing 38countries: the case of Medellín, Colombia. urbe. Revista Brasileira de Gestão Urbana, v. 14, e20210447. 39https://doi.org/10.1590/2175-3369.014.e20210447 40Abstract 41The objective of this study was to measure the effect of the distance between homes and the stations of the 42integrated public transportation system in Medellín on home prices. The hedonic models used here were 43calculated using ordinary least squares (OLS) and two spatial econometric models: the spatial autoregressive 44(SAR) model and the spatial error model (SEM). The results obtained indicate that the stations of this 45transportation system have an impact on home prices depending on the income level of the district where they 46are located. On the one hand, the price of a home in a low- or middle-income district can increase (17.1% or 4715%) if it is “near” a station (1.5–2.0 km and 1.0–1.5 km, respectively), but it is not affected if the housing unit 48is “too close” (up to 1.0 km). On the other hand, if the housing unit is located in a high-income district, the nearer 49it is to a station, the lower its price (-15% between 0 and 1.0 km, and -12% between 0.5 and 1.0 km). These 50results are relevant for all the agents involved in real estate and public policy makers interested in executing 51transportation infrastructure projects in cities in developing countries. 52 53Keywords: mass appraisal, spatial econometrics, public transportation, developing countries. 54 55