| dc.description.abstract | With the advancement of science and technology and the increasing degree of
industrialization, it is accompanied by worsening air pollution every year. According
to the World Health Organization, air pollution is presented as one of the main human
health threats. At present, Taoyuan City′s booming industries, abundant job
opportunities, and relatively affordable housing prices have led to a substantial
increase in the number of households. Due to the migration of people, rezoned areas
have become a major choice for people to live in.
This study mainly discusses the impact of air pollution on real estate prices in
Taoyuan City (Taoyuan District, Zhongli District, Pingzhen District, Guanyin District,
and Longtan District), and divides into rezoned areas and non-rezoned areas. The data
used in this article is from January 2017 to December 2021 from the Environmental
Protection Administration, the real estate transaction registration of the Department of
Land Administration, and the Central Weather Bureau. Information presented on the
website of Department of Land Administration, Taoyuan reports the rezoned land
numbers in each rezoned area, using the cadastral map information network
convenience service system to query the actual road sections and house numbers, and
screening them in the real-price registration data to obtain 11,148 valid samples in
rezoned and 33,543 valid samples in non-rezoned areas.
In view of the endogeneity problem between air pollution and housing prices,
rainfall was used as an instrumental variable in two-stage least squares method (2SLS)
for estimation. The empirical results found that under the 2SLS model rezoned
samples, Air Quality Index (AQI), Sulfur Dioxide (SO2), Carbon Monoxide (CO),
Ozone (O3 ), Particulate Matters (PM10 ), Fine Particulate Matters (PM2.5 ) and
Nitrogen Dioxide (NO2) have a negative impact on real estate prices. When the
concentration of the above seven air pollutants increases rises by 1 ppb or 1 μg/m3
,
the unit price of real estate will drop by NT$46.8576 to NT$4195.2. However, in
non-rezoned areas, the effects were found to be insignificant. It can be seen that
compared to non-rezoned areas, environmental factors have a greater impact on
housing prices in rezoned areas.
This article recommends that real estate developers pay more attention to the
terrain and wind direction near the site and the development of surrounding areas
when bidding for rezoned land, because air quality substantially affects housing prices.
In addition, in response to the rapid development of rezoning, the government should
improve the existing air pollution regulations to reduce the total amount of pollution
sources. At the same time, it is recommended that administrative agencies should
consider geographic location and air quality when setting up rezoned areas, properly
ii
plan rail transportation and shared modes of transportation in rezoned areas, and
improve the living functions of rezoned areas to reduce cross-regional movements. | en_US |