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The impacts of public transportation facilities on property prices have generated wide concerns, whereas little attention has been paid to the price impacts of automobile-oriented facilities, especially the urban expressway. Using residential property transactions and the Desheng Expressway data from 2018 in Hangzhou, China, capitalization effects of the expressway on property prices are deeply gauged through hedonic price models and quantile regression models. Furthermore, the special concern on how the impacts differ across city regions and property price segments reveals the submarket effects of the expressway from multiple perspectives. The results indicate that properties proximity to the expressway experience significant price premiums, which first increase and then decrease with the distance from the expressway. Moreover, there are stronger preferences of households for elevated expressways in suburban areas and low-priced property neighborhoods, reflected in higher price premiums. It is worth noting that tunnel expressways have the greatest impact on property prices due to the strong willingness of homebuyers to pay for access to job and leisure, as well as clean and quiet living environments. The findings add new insights to the understanding of the economic impacts of expressways and provide policymakers with references to make reasonable public investment decisions. [ABSTRACT FROM AUTHOR]

Educational facilities have influenced residents' housing purchase decisions. Existing studies mainly constructed a cross-sectional model to obtain a static coefficient. However, the housing market in China experienced rapid development and significant fluctuations during the past decades. Such changes may influence homebuyers' valuation of educational facilities over time. In addition, the preferences of households of high-, middle-, and low-priced housing on educational facilities over the market stage have rarely been studied. To fill the gaps, this paper utilized a dataset of the housing market in Hangzhou, China from 2007 to 2019, including comprehensive building, location, neighborhood and educational characteristics. The hedonic price model, spatial lag model, spatial error model and quantile regression model were constructed. Results show that the educational capitalization significantly changes over time, and is correlated with the market stage. The implicit value of the quality of primary and secondary schools and university accessibility consistently increases in a stable market, but shows different features in market expansion. Moreover, households of high-, middle-, and low-priced housing value educational facilities differently, which is also influenced by the market stage. Varying features are found in this social heterogeneity of educational capitalization in different market stages. This study enriches existing literature by measuring the variation in educational capitalization and its social heterogeneity during different market stages. Implications are provided for future educational policymaking under particular market circumstances. • Capitalization effects of educational facilities changed over the past decade in Hangzhou, China. • Homebuyers show divergent preferences for educational facilities. • Market stages significantly affect educational capitalization and its social heterogeneity. • Capitalization of primary and secondary school quality and university accessibility increases during a stable market. [ABSTRACT FROM AUTHOR]