The Impact of Urban Mega-Project on Housing Price in Adjacent Neighborhoods (Case Study: Sadr Multi-layered Highway, Tehran)

Urban projects are carried out with the aim of renovation and improvement of cities’ condition. Highways are one of urban projects addressing transport to solve traffic congestion in large cities. Sadr Multi-layered Highway in Tehran Metropolis is one of urban mega projects constructed in 2013 to improve traffic condition of private cars in northeast to northwest of Tehran. This research investigates the impact of this mega project on housing price of adjacent neighborhoods. Surrounding areas, particularly closer ones, have been affected by its construction. Thus, to measure the impact, housing and land price index- that is the most comprehensive index including quality and quantity of changes in an area- and investigation of its changes in different intervals of Sadr Multi-layered Highway were used. It seems that land and housing price had less growth near highway rather field of project. The validity of this hypothesis was investigated in the form of field studies of changes in land and housing price in the field of Sadr Multi-layered Highway through measuring changes of land and housing price index. The method of collecting data was field and reference land data. Research method is correlation analysis in this study with outreach areas. The comparison of constructing Sadr Multi-layered Highway depends on three periods i.e. before, during, and after construction and its distance from highway. Price level decreases at the distance of 0-60 meter and price level increases in the distance of 60-120 meter. Perceptible difference does not exist about the price changing of housing in the distance 120-1000 meter than whole region.