An investigation of the property investment trajectory which is induced by the introduction of bus rapid transit corridors: the perspective of property developers and investors

Abstract

Purpose - The study sought to understand how the introduction of the Rea Vaya Bus Rapid Transit affect property development along the transit corridor. Also, understand if transit oriented developments are possible in areas which are serves by the bus rapid transit system. Further, understand how communities from disadvantaged area can contribute to the success of the transit-oriented development, since the bus rapid transit system serves such communities. Design/ Methodology/ Approach – The study is cross sectional as data was collected a single period. The unit of analysis for the study was professionals and inventors, and government officials involved property developments. The data collection instrument was a structured questionnaire which included quantitative and qualitative questions. The questionnaire was an online survey through Google Forms. Thirty professionals in the property development space responded to the online questionnaire and the data was analysis using Statistical Package for the Social Sciences and thematic analysis method. Findings – The study found that transit-oriented developments can be realised through the introduction of bus rapid transit in the City of Johannesburg. Social development, affordable housing and alleviation of congestion are identified as opportunities which come about by the introduction of bus rapid transit. The level of employment is a critical consideration when deciding on a transit-oriented development investment relating to bus rapid transit. Further, the study found that government can promote transit-oriented developments by relaxing the zoning development requirements. Bus rapid transit can encourage social cohesion. Practical Implications – The findings of the research are useful to property developers, investors and government officials, in terms of providing in depth knowledge of transit-oriented developments