The possible impact of Bus Rapid Transit (BRT) systems on land values remains the source of an interesting debate. Using a matching method known as Coarsened Exact Matching (CEM) in combination with detailed cross-sectional cadastral data, this study assesses the effects of Bogotá’s BRT infrastructure on residential land value, as well as effect heterogeneity according to socioeconomic characteristics, location and physical configurations of neighborhoods. Our results show that in low-income neighborhoods BRT has a positive effect on land value, likely because the benefits of proximity outweigh any inconvenience. In contrast, in medium- and high-income neighborhoods, the effect of BRT infrastructure on land value is not significant and, in some cases, even negative. The results are relevant for the debate on BRT impacts on residential land value and land value capture, especially now that the construction of a new BRT trunk line in the city is about to begin. The effects of BRT on the value of land can be regarded as positive (or negative) economic externalities of these types of projects.

快速公交 (BRT) 系统对土地价值的可能影响仍然是一个有趣辩论的来源。本研究使用称为粗精确匹配 (CEM) 的匹配方法结合详细的横截面地籍数据，评估波哥大 BRT 基础设施对住宅土地价值的影响，以及根据社会经济特征、位置和物理配置的异质性影响的街区。我们的结果表明，在低收入社区，BRT 对土地价值有积极影响，这可能是因为邻近的好处超过了任何不便。相比之下，在中高收入社区，BRT基础设施对土地价值的影响并不显着，在某些情况下甚至是负面的。结果与 BRT 对住宅用地价值和土地价值捕获的影响的辩论有关，尤其是现在该市新的 BRT 干线建设即将开始。BRT 对土地价值的影响可以被视为这些类型项目的正（或负）经济外部性。