Impact Assessment of Grade Separations on Land Price in Chiang Mai Province

Abstract

One of the major changes that occurred after grade separation construction in Chiang Mai is the change in land value. It affects several factors of each individual land, including physical factors, location and neighborhood factors. In this study, the Hedonic Price and the Linear Regression model were used to analyze land value. The data included land appraisal prices between 2016 and 2019 around the grade separations in Chiang Mai, from the Treasury Department. It was found that the land near grade separation has a high appraisal price. Because the evaluated land of the Treasury Department is based on the value of roadway. Most grade separations were constructed on main highways, result in tremendously rise on land appraisal price. The estimation of the Ordinary Least Square method and Spatial Analysis Technique show the land appraisal prices around underpass increase 45,034 Baht per square wa and the land appraisal prices around overpass decrease 200 Baht per square wa for an additional kilometer away from the grade separations. In addition, the results show distance from the individual land location to important places, which has the greatest effect on land appraisal prices, consisted of Hospital, Educational institution, Government office, Public transport, and Shopping mall, respectively.