LEE- Şehir ve Bölge Planlama Lisansüstü Programı
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Yazar "Cengiz, Elif Can" ile LEE- Şehir ve Bölge Planlama Lisansüstü Programı'a göz atma
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ÖgeFinancing urban rail investments via urban development( 2020) Cengiz, Elif Can ; Çelik, Hüseyin Murat ; Alpkökin, Pelin ; 635585 ; Şehir ve Bölge Planlama Ana Bilim DalıThe impact of railway stations on the housing prices in the surrounding area has been investigated by numerous studies. Literature suggests that railway stations have significant impact on the surrounding land values. However, there is no agreement amongst these studies as to whether this impact is positive or negative. Some scholars claim that due to increase in accessibility railway stations have a positive impact on the surrounding property prices. On the contrary some claim that due to the nuisance effect rail stations have a negative impact on the properties in close vicinity of the station. The common part of these studies is that the impact varies depending on the type of the transit system. The nuisance effect is generally experienced in LRT corridors, since their stations and routes are mostly on the surface. The nuisance effect such as noise, vibration and visual pollution created by these systems can be seen in many cities. However, elements of heavy rail systems are generally located underground, so the nuisance effect is only experienced during the construction stage of the system which can be tolerated for the sake of the service it will provide after completion. The studies conducted on the impact of metro systems on the housing market of the surrounding area concluded that the impact is positive even at very close locations to stations. In this study the selected rail corridor is a metro project, therefore the impact of stations is accepted as a positive one. The case study area selected is Istanbul, because it has the largest rail network of all the cities in Turkey. Furthermore, Istanbul has not been studied in this context before. The city needs further rail investments and has projects lined up for future rail network extensions. However, it has no money to realize these projects. In the first part of the study the monetary impact of stations on the housing market is calculated. In the second part a methodology is developed how this increase in property value can be retrieved from property owners for the financing of rail projects. This study is designed as a comparative study with a 'before' and 'after' analysis of the same area. One survey should be collecting the selling prices of apartments in the surrounding area before the rail system is built and the other after the rail system is in place. However, with the data available it was not possible to carry out a before and after analysis. Thus two case study areas with similar characteristics were selected: the after case being a metro system in operation, the other a proposed metro project which is currently under construction. A similarity check was conducted in order to demonstrate that in terms of this analysis these two cases are identical. Lastly, the before and after analyses were conducted on the basis of the selected study areas. In this study the hedonic price model is used. There are many studies which investigate the impact of railway stations on the surrounding housing market, and different models are used to conduct these calculations. However, the hedonic price model is one of the prominent models amongst them. The data available made the use of the hedonic price model more suitable for this study. Other studies use difference-in-differences for the calculations, and the GWR model uses a public database. The public data on housing is unfortunately not reliable; therefore the necessary data for this study was obtained by conducting on-site questionnaire surveys. Due to budget and time constraints the questionnaires were conducted with real estate agents working in areas around the stations of the rail system instead of property owners who are selling their apartments. The case study was selected on the basis of certain criteria. Firstly, rail system projects in Istanbul were listed. Out of these only the metro projects were chosen, the rest was eliminated, and only metro projects of 10 to 20 km lengths were selected as potential case studies. Metro projects with a length of less than 10 km were eliminated from the study since they would not provide sufficient data for the analysis. Similarly, metro projects longer than 20 km were also eliminated, since it would be very hard to handle them. Out of the remaining projects a project was selected on the basis of potential ridership figures per km, namely the Ataköy-İkitelli metro project which has a 13 km route length and 11 stations. In order to perform the before and after analysis, another rail system corridor, the Esenler-Kirazlı corridor was selected. This case study area was demonstrated to be similar with the Ataköy-İkitelli metro corridor in terms of housing and population characteristics. The questionnaire contained questions on apartment selling prices and characteristics of the apartments. As the questionnaire was conducted with real-estate agents and not the owners themselves, the social data on the owners and their family structure, education level, socio-economic status and family characteristics was not collected. The data obtained was modeled using the hedonic price model, then the coefficient of distance was used to estimate the value increase around the Ataköy-İkitelli metro stations. After calculating the estimated value increase around the Ataköy-İkitelli metro corridor, as the second part a methodology was developed to collect some part of this increased value from property owners in the form of a tax. This is not a new form of tax; it has long been used in the world under different names such as special assessment, betterment tax, LVT and value increment tax. The names are different but the aim is the same. If after a public investment a property owner has a financial gain on his/her property, he is expected to share the profit with the community by contributing to the capital cost of other projects. One of the main reasons for collecting this tax from property owners is to create money for funding further rail investments in Turkey. Without such a tax, the property owners will profit from a public investment funded by all citizens' taxes. Taxation of such capital gains will also help limiting urban rent.