Re: Re: Report quantifies Luas effect on house prices
Luas: “In summary, properties within 500 metres to 2 kilometres of a light rail station are found to sell for between 7% and 17% more than properties not in proximity of the station. This suggests that there is a significant premium for home owners associated with the construction of a light rail system in their area”.
Trains and DART: “Living very close to a train station (within 250m or 500m) results in a 7% to 8% premium on the house – lower than Luas stations, but still higher than the average estimate in the literature (Debrezion et al., 2007). The variables further away are not significant. The value of living very close to a train station in Dublin is due to saved commuting time, as trains are the main form of longer distance commute after cars. The DART station premium is approximately 5%. This lower premium may be due to the fact that areas serviced by the DART tend to benefit from good bus services as well. Certain areas serviced by the Luas did not have a good alternative and were relatively congested, hence the higher premium for light rail. Moreover, the DART service has not been renovated for quite some time and in consequence the light rail is deemed a more comfortable means of travel, which could help to explain why it commands a higher premium”.