ACCESSIBILITY AND REAL ESTATE PRICES IN MEXICO CITY: A HEDONIC APPROACH

Abstract

Accessibility—the ease of reaching destinations—is widely regarded as a key driver of real estate prices. Yet much of the literature limits its focus to a single destination type, coarse spatial units, and a single accessibility metric. This thesis addresses these limitations by estimating the impact of accessibility on housing prices in Mexico City through a hedonic price model. It draws on granular real estate data and incorporates destination-specific accessibility—covering jobs, health, education, recreation, gastronomy, public spaces, and retail—using both cumulative and gravity-based metrics across public and private transport modes. The findings reveal substantial variation in how accessibility influences housing prices, with positive, negative, and nonsignificant associations depending on destination type and transport mode. By jointly estimating multiple accessibility measures within a hedonic framework, the analysis offers a nuanced comparison of how residents value different forms of access, as capitalized into housing prices.