A study is currently analyzing the relationships between local public transport (PT), housing construction and real estate prices in new urban neighborhoods. The study is being carried out by project and area developer BPD (Bouwfonds Property Development). Together with the Institut der Deutschen Wirtschaft (IW), the study takes a closer look at newly built urban neighborhoods in the Cologne, Karlsruhe and Stuttgart metropolitan areas.
Due to the rapid population growth in large cities and metropolitan areas, sufficient new living space must be created. In order to relieve the resulting traffic and to minimize the number of cars, care is taken when planning new urban quarters and in the area of urban development to ensure that they are well connected to public transport. With good public transport connections, citizens often do without their cars and, according to the study, can reduce travel time by about 30 minutes. But at the same time, the expansion of public transport has an impact on real estate prices.
Thus, although the study records lower mobility costs in the new urban quarters than when using the private car, at the same time it also records rising rental and purchase prices. According to the study, rents in newly developed urban neighborhoods in Karlsruhe are 3.6 percent, in Stuttgart 5.4 percent and in Cologne as much as 9 percent higher than in residential buildings without direct public transport connections. Furthermore, the study uses three national and international case studies to outline the financing of successful urban neighborhood projects with public transport connections.
Source: BPD/IW
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