L'impatto della "Metro C" a Roma sul mercato immobiliare
Pubblicato il 30/12/22 00:00 [Doc.11534]
di BANCA D'ITALIA
by Federica Daniele and Elena Romito
An increase in land values is often considered the touchstone of the positive impact of the development of new public transport infrastructure on well-being in cities. In this paper, we evaluate the impact of the construction of "Metro C" - Rome third metro line - on the housing market and local economic activity. To overcome the potential threat posed by the non-random placement of transport infrastructure, we rely on the multiple synthetic control method approach. We detect a negative and statistically significant impact of the new infrastructure on average house prices in peripheral treated areas, reaching minus 137 EUR p/m2 3-year after treatment, roughly 5% of the pre-treatment level, driven by properties belonging to the higher end of the price distribution. We also find that the share of foreign population displayed a statistically significant increase in treated areas after treatment. According to the evidence, the metro might have thus been perceived as an amenity by poorer households and as a disamenity by richer ones. The latter can in turn either be a first-order effect of the development of the new metro line (e.g., due to noise, diminished safety) or a second-order one, mediated by the inflow of foreign population.
Leggi il paper: https://www.bancaditalia.it/pubblicazioni/temi-discussione/2022/2022-1394/en_tema_1394.pdf
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