1# RECORD 3538c557098a21cc97419c47f1fc32e4523089572# TITLE: House Pricing and Subway Distance ----An Analysis of Wuhan Estate Market3# YEAR: 2024.0 VENUE: Advances in Economics, Management and Political Sciences DOI: 10.54254/2754-1169/77/202417394# AUTHORS: Aikun Li5# PAGES: 6 CANDIDATE TABLE PAGES (1-based): []6# ABSTRACT: Many real estate developers advertise residential properties as being located near the subway, which makes one wonder whether subway distance affects the unit price of commercial housing. In this paper, the data of more than 900 new houses in Wuhan were collected and analyzed by multiple regression using Hedonic method. Variables were divided into 3 categories: architecture, position and price to make a more detailed and complex analysis. The results show that subway distance is negatively correlated with housing price, and the closer the subway is, the more obvious this effect is. In other words, the closer the house is to the subway, the higher the unit price of the house. This has a unique guiding significance for real estate developers who have commercial housing construction plans in Wuhan. In addition, the study found that the distance of the house from the hospital can significantly affect the level of housing prices.789===== PAGE 1 (score 13, numeric-paren 0, table-words 0, var-words 13) =====1011House Pricing and Subway Distance 12--- An Analysis of Wuhan Estate Market 13Aikun Li1,a,* 141International College Beijing, China Agricultural University, 17 Qinghua Donglu, Beijing, 15China 16a. Aikun.li.icb@cau.edu.cn 17*corresponding author 18Abstract: Many real estate developers advertise residential properties as being located near 19the subway, which makes one wonder whether subway distance affects the unit price of 20commercial housing. In this paper, the data of more than 900 new houses in Wuhan were 21collected and analyzed by multiple regression using Hedonic method. Variables were divided 22into 3 categories: architecture, position and price to make a more detailed and complex 23analysis. The results show that subway distance is negatively correlated with housing price, 24and the closer the subway is, the more obvious this effect is. In other words, the closer the 25house is to the subway, the higher the unit price of the house. This has a unique guiding 26significance for real estate developers who have commercial housing construction plans in 27Wuhan. In addition, the study found that the distance of the house from the hospital can 28significantly affect the level of housing prices. 29Keywords: Real estate, house pricing, urban construction, subway 301. 31Introduction 32In daily life, people often see the "subway" factor in real estate advertisements. Real estate developers 33are happy to advertise the property's proximity to the subway and convenient transportation. The Sky 34Oasis, a high-end residential area jointly built by Vanke Group and Wuhan City Construction Group, 35points out that it is 50 meters from the subway is the first of its advertisement. So, is the proximity of 36the house to the subway a key factor affecting the price of the subway? Is it reasonable to say that the 37closer the house is to the subway, the more expensive it is? 38The previous literature generally held two different views on this issue. The subway has an impact 39on housing prices, a conclusion that has been generally proven in previous studies. However, the 40scholars' conclusions are likely to be the opposite. In 2001, Bowes and Ihlanfeldt collected data from 41Atlanta, US and drew a conclusion that properties within 0.25 miles of a rail station sold for 19% less 42than those more than 3 miles away. This could be attributed to noise pollution and large number of 43people brought by transportation hubs. A more general conclusion is that housing prices are positively 44correlated with subway [1]. In the selection of research methods, most researchers will combine 45multiple variables that affect housing prices for simultaneous analysis. Because this can more 46comprehensively and comprehensively show the impact of several factors on the housing price. 47Proceedings of the 3rd International Conference on Business and Policy Studies48DOI: 10.54254/2754-1169/77/2024173949© 2024 The Authors. This is an open access article distributed under the terms of the Creative Commons Attribution License 4.050(https://creativecommons.org/licenses/by/4.0/).5126752