An Overview of The Methodology Used on The Effects of Railways Station Development Towards Residential Property Prices Puteri Ameera Mentaza Khan a) b), Ainoriza Mohd Aini a), and Zairul Nisham Musa a)
a)Universiti Malaya, Jalan Professor Diraja Ungku Aziz, Seksyen 13, 50603 Kuala Lumpur, Malaysia
b)Universiti Tunku Abdul Rahman, Jalan Sg. Long, Bandar Sg. Long, 43000 Kajang, Selangor, Malaysia
Abstract
Most of the developing countries nowadays focus on how to provide a better public transport. The efficient public transport provided will help to overcome traffic congestion and lead to many new railway station developments. In Malaysia, several types of latest railway station have been developed and one of it is mass rapid transit (MRT). In accordance with the rapid development on MRT station to provide a better living, property industry is one of the sectors that effected. In order to find out the effects of railways station development toward property prices, it is important to determine the suitable method that can take into consideration a various type of factors. Hence this paper aims to review the efficient methods on the effect of railway station development on property prices. Twenty-five previous research extract from scopus engine have been reviewed to determine the suitability of the method used for this related research. The finding shows that most of the research related to the effect of railway station development on housing price are using hedonic price model because this method does not estimate the value of the structural parameters of each individual characteristic but instead studies how a characteristic affects price. As a result, typical prices can vary across various price ranges within the sample.
Keywords: Real estate, transportation, railway station, residential, property prices
