Exploring Determinants of Railway Arch Property Value
Ghani Dhyaksa Abinawa1*
1Departemen Teknik Sipil dan Lingkungan, Universitas Gadjah Mada, Yogyakarta, INDONESIA
*Corresponding author: ghanidhyaksaabinawa@mail.ugm.ac.id
INTISARI
Railway arches from the Victorian era in the UK have evolved from marginal spaces to valuable commercial properties. In 2019, Network Rail sold a significant portfolio of these arches, revealing their economic potential. Despite their growing importance, there is a lack of robust valuation models for railway arch properties in the literature. This study addresses the gap by exploring the determinants of railway arch property values using the hedonic pricing model. The analysis includes 2,162 properties and investigates the influence of building characteristics, place quality, socio-economic factors, and accessibility on property values. Key findings highlight that proximity to public transport, lower index of multiple deprivation, and strategic location contribute positively to property values, while noise factors have mixed impacts. The study emphasizes the need for urban regeneration strategies to enhance accessibility and leverage socio-economic factors in the valuation of railway arch properties.
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