Like proximity to good schools or metro stations, proximity to bike share stations increase a home’s resale price, a new study says.
A team of researchers at McGill University looked at thousands of homes sold in Montreal before and after bike sharing was introduced.
Even accounting for inflation and other factors that could affect the sale price, the team found that proximity to a Bixi Montreal location increased sale prices on average 2.7 per cent.
“It is that much,” says Ahmed El-Geneidy, an associate professor at McGill’s School of Urban Planning and the study’s lead author.
Transportation has long been a known factor affecting home prices, El-Geneidy says. Nearby bus stops, subway stations or easy access to freeways is a key factor in home purchases.
“Areas around public transportation, the land values are much higher,” he tells Yahoo Canada News. “We’re finding this impact with the bicycle sharing system.”
El-Geneidy, along with urban planning student Dea van Lierop and RaniaRead More »from Nearby bike share stations boost a home’s value: study