河川整治對周邊房價的關聯：以桃園老街溪為例

Abstract

本研究旨在探討都市型河川整治工程對周邊住宅價格變化之關聯，並以桃園老街溪整治計畫為實證案例。 過去老街溪因長期遭受污水排放與人為加蓋等問題，水質惡劣且景觀喪失。隨著政府啟動整治工程，透過開蓋復原、清淤整建、生態工法導入與沿岸綠帶改善，老街溪逐步轉型為具有生態與休憩功能的親水廊道。為評估此一轉變所帶來之效益是否反應於住宅市場中，本研究使用2012至2024年間內政部實價登錄資料，結合差異中之差異法，並控制建物特徵、時間與空間固定效果，以考量潛在干擾因子。 實證結果顯示，老街溪整治工程在完成後對老街溪岸500公尺之住宅價格產生顯著且穩定的正向影響，顯示整治工程所帶來之環境改善效益已具體反映於市場價格上；而距離溪岸500至2,000公尺之住宅價格則未有顯著變化，與整治效益可能存在空間遞減之特性一致。

This study aims to examine the relationship between urban river restoration projects and changes in surrounding residential property values, using the Laojie River restoration initiative in Taoyuan City, as a case study. Historically, Laojie River suffered from severe pollution and landscape degradation due to prolonged wastewater discharge and overbuilding. In response, the government launched a comprehensive restoration project involving the removal of coverings, dredging and reconstruction, ecological engineering, and the enhancement of riverside green spaces. To evaluate whether these environmental improvements translated into measurable impacts on the housing market, this study utilizes actual transaction data from Taiwan’s Ministry of the Interior from 2012 to 2024. A Difference-in-Differences (DID) model is employed, controlling for building characteristics as well as temporal and spatial fixed effects to mitigate potential confounding factors. The empirical results reveal that the restoration of Laojie River led to a significant and consistent positive effect on housing prices within 500 meters of the river, indicating that environmental improvements have been capitalized into nearby property values. However, no significant price effects were found for properties located 500 to 2,000 meters away from the river, suggesting a spatially diminishing impact of the restoration benefits.