According per annum than the average of non-bus services.

According to Deng and Nelson (2010), SouthAxis BRT Line 1 commenced commercial operation in December 2004 with a pilotphase of 5.5 km long in the first phase.

In December 2005, the BRT Line 1 beganoperation across the board, extending to 16.5 kilometers. The route starts at Qianmen(city center) and ends at Demaozhuang which is in the southern neighborhood,passing 17 stations. It incorporates many features of the Light Rail Transit,dedicated bus lanes, modern vehicles, enhanced stations, off-board charges andvarious ITS tools (Deng & Nelson, 2010).

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The specific goal of the BRTsystem is to meet the growing demand for travel and to provide faster and morereliable options for passengers from downtown to the south. This rubber tiretransport system has achieved nearly 40% reduction in travel time.       Therapid growth of the previously owned apartment market in Beijing marked theperiod from 2003 to 2009. In spite of this, the proximity of BRT seems to havean additional positive impact on housing prices. Statistical analysis accordingto Deng and Nelson (2013) shows that the transport convenience provided by BRTis capitalized into higher real estate prices. The capitalization effect, whichoccurred mainly after the BRT was fully operational, became more pronouncedover time, especially in areas where the subway system lacks mobility.

Theresult also means that the positive impact of BRT on the rise in real estatevalues is more pronounced over time. From 2004 to 2009, the average value ofresidential properties in the vicinity of express bus stations grew faster whichwas up to 2.3% per annum than the average of non-bus services. These findingssupport the view that an increase in accessibility, rather than the type oftransit system, is a more important reason for land development (Deng, Ma &Nelson, 2016).