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Announcement of the First Metro Line and its Impact on Housing Prices in Bogotá
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Autores
Cárdenas Rubio, Jeisson Arley
Gallego Acevedo, Juan Miguel
Urrutia, María Alejandra
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Fecha
2022-06-01
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Universidad del Rosario
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Resumen
Transport infrastructure investment not only impacts mobility but may also significantly affect the capitalisation of the areas surrounding these infrastructure projects, even before the projects are completed. This paper analyses the impact that the announcement of the First Metro Line has on housing prices in the city of Bogotá. It combines innovative databases, web scraping and Google Maps with administrative records—such as the Colombian Institute of Urban Development (IDU) databases—to assess how the announcement of the metro station construction impacts the rental or sales market prices for the houses surrounding the infrastructure projects. The results show that the housing sale prices increased since October 2019, the time when the awarding of the contract for construction of the First Metro Line was announced. The flats and houses on sale located within 1.5 km from the future metro station showed an increase of 10.5 and 6.5% in prices, respectively.
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Keywords
Metro , Bogotá , Housing , Prices , Expectations , Assessment
