Structural Equation Model For The Relationship between Property Value and Public Transport Accessibility
Property value capitalization has been part of spatial-economic results of transportation infrastructure development. This paper presents a study to understand the relationship between property value and public transport accessibility. A structural equation model or SEM in terms of path analysis was developed and explained the backward-forward chain of sequential causality of property value, public transport accessibility and travel behavior. The backward chain explains the transportation influences land use in a sequential causality and the forward chain explains the relationship from land use to travel behavior. Path analysis reported the backward chain was only valid in a direct relationship from public transport accessibility to property value but failed to account for a sequential causality relationship from public transport accessibility, land use density/intensity and property value. The forward chain confirmed the significant relationship from accessibility to travel time and to the number of household trips through the influence of land use, however at low influence. Direct relationship from accessibility to travel behavior (car uses) mediating by travel distance was at moderate influence. Nevertheless, the paper reported the variances of property value explained by the overall LUTI relationship was only modes at 12%.
Keywords: Property value, public transport accessibility, structural equation model (path analysis), land use development, travel behavior
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