Multiscale impacts of land environmental features and planning on apartment resale prices in Jinan City, China

Abstract

As a typical city with a population of 5 to 10 million in China, Jinan has undergone significant increases in land supply during the past decade, resulting in substantial volatility in apartment sale/resale market prices. In this study, we investigated all second-hand apartment transactions from 826 communities of Jinan city and explored the multiscale impacts of land environmental features and planning on apartment resale prices throughout the city. Specifically, central and eastern regions had significantly positive impacts on apartment resale prices, while western regions had significantly negative impacts; education resources had consistently positive impacts throughout the city while shopping, business buildings, and medical resources had insignificant impacts; subway stations had insignificant impacts and bus stations had significant effects only in congestion points and northeastern edges. Our results revealed the formation mechanisms and spatial heterogeneity of apartment resale prices in Jinan. Our work will not only help in the decision making of potential apartment purchasers, but will also be conducive to enhancing the spatial justice of local governments in land supply and planning policies.