Analysis of Land Value Influencing Factors Based on OLS and GWR: A Case Study in Wuhan, China

Land value assessment is the fundamental basis for manifesting the value of land assets and calculating the income of land assets. Taking the land supply market in Wuhan as an example, this study analyzes the influencing factors of land value based on the Ordinary Least Square (OLS) and Geographically Weighted Regression (GWR) models. The study shows that the accessibility of public transport has the most significant impact on land value. The GWR model is more powerful in explaining the value of urban land. The closer the spatial index distribution is to the core area of the city, the stronger the vitality of the flow of people and the higher the regression coefficient. The overall distribution of the traffic index is low in the core area and high in the peripheral area, which is mainly affected by urban commuting. The industrial index distribution shows that high-end enterprises, education, and health conditions have a positive effect on land value.