Urban road traffic often generates noise and air pollution, thereby resulting in a disamenity effect on surrounding residential property and subsequently affecting the willingness to pay of homebuyers. Given that the distribution of road-traffic externalities varies in vertical space, heterogeneous effects of road traffic result on properties situated in different floors. Based on data of 7590 multi-story and 4980 high-rise residential property in Hangzhou, China in 2017, this study constructs hedonic price and spatial econometric models to investigate the relationship among road-traffic externality, floor level, and property price. Empirical results show that road-traffic externalities have a significant disamenity effect on property price. Different from existing studies, we find that the floor level has a significant moderating effect on the disamenity effect of road traffic. In particular, effects on different submarkets reveal that capitalization rate is non-monotonic in vertical space and different in multi-story and high-rise buildings. Previous literature has largely ignored these issues, but the latter is crucial in estimating the influence of road-traffic externalities on property price.

城市道路交通经常产生噪音和空气污染，从而对周围的住宅物业造成不便之处影响，并随后影响购房者的支付意愿。考虑到道路交通外部性的分布在垂直空间中会发生变化，因此道路交通的异质性会对位于不同楼层的物业产生影响。基于2017年杭州市7590层多层住宅和4980层高层住宅物业的数据，本研究构建享乐价格和空间计量经济学模型，以研究道路交通外部性，楼层水平和房地产价格之间的关系。实证结果表明，道路交通的外部性对房地产价格有严重的不满影响。与现有研究不同，我们发现，楼层高度对道路交通的不便效应具有显着的调节作用。尤其是，对不同子市场的影响表明，资本率在垂直空间中不是单调的，而在多层和高层建筑中则不同。先前的文献在很大程度上忽略了这些问题，但是后者对于评估道路交通外部性对房地产价格的影响至关重要。