都市更新為我國未來持續推動的重要產業，亦為長久以來各領域學者研究的焦點。不動產價格能準確評估政策前後帶來的效益，常視為政策或法令調整的重要基礎研究，惟過往多數研究侷限於都更前後單一時間點之房價比較，未能揭示與比較都市更新事業計畫推動歷程中各階段之動態效應外，並過於著重投資型都更推動模式之分析，無法回應未來以政府導向之都市更新政策趨勢。
本研究旨在探討都市更新推動對鄰近地區住宅不動產價格之時空影響，並以交易成本觀點切入藉以瞭解不同都市更新推動模式、與交易成本高低之影響下是否影響都市更新對房價之效果。因應研究目的，選定台北市斯文里三期公辦都更案、松齡新村老舊眷村土地活化公辦更新案，以及水源四、五期都更會自辦更新案做為案例下，蒐集2012年至2023年間案例周邊之住宅交易資料。為達到分析比較不同案例間之時空異質性之目的，本研究以傾向分數配對 (propensity score matching, PSM)控制樣本間之選擇性偏誤後，再採用差異中之差異法 (difference-in-differences, DID)分析都市更新於公告期、施工期與完工期等階段之政策效果。
本研究結果顯示，都市更新推動對鄰近住宅價格所造成的影響並非線性或單一時間點發生，DID結果顯示，影響範圍 500 公尺內之住宅價格在公告階段 (T1)與完工階段 (T3)相較 501~1000 公尺範圍外分別低 55.0% 與 18.0%，呈現政策效益的遞延或反轉現象。惟納入更新類型之調節變數後，相對於自辦更新案，於公告階段 (T1)兩公辦都更案之住宅價格分別較自辦更新案高出 53.0%與 49.8%，表示公告階段即出現市場預期效應；但於建造期間 (T2)，兩項公辦都更案相對水源四、五期自辦更新案下降 13.8%與 19.0%；完工階段 (T3)，則再次回升，分別高於自辦更新案約 12.2%及 22.3%，顯示政府導向模式之更新案於公告與竣工階段具較佳市場反應。
於交易成本之研究結果顯示，若更新總時程超過六年者，於公告期與完工期，更新影響範圍內之住宅價格分別低於影響範圍外 53.1% 與 12.4%；當參與戶數超過100戶時，完工後更新影響範圍內之住宅價格仍低於影響範圍外 10.3%，產權破碎化與協調困難、時程延宕削弱都市更新之政策效果，甚至導致政策帶來之正面效果延後顯現與空間反轉現象。總而言之，若都市更新總時程過長或參與戶數龐大，使交易成本顯著增加，進而削弱都市更新對周邊之正面效益。
本研究建議都市更新政策應著重於降低交易成本，以避免因時程過長、產權破碎化或協商困難而削弱政策效益。宜建立監督與進度回報機制，縮短行政時程並即時化解糾紛；對於參與戶數龐大的大型更新案，地方政府應提供專業協調資源，並設置都市更新資訊公開平台以強化透明度與協作效率。在外部效益歸屬方面，應研議對未參與都市更新但受益顯著之周邊地段建立合理回饋機制，防止「搭便車」現象並提升社會公平。推動模式上，政府主導之公辦與準公辦更新在公告期與完工期均展現較高正向價格效應，顯示其在市場信任與資源整合之優勢，惟施工期的負面影響仍需透過補償與安置機制加以緩解，以兼顧市場效率與居民福祉。

Urban renewal is a key policy for enhancing urban sustainability, improving living conditions, and boosting property values. This study examines the spatiotemporal effects of urban renewal on nearby residential property prices in Taipei, incorporating the perspective of transaction costs to evaluate how different implementation modes and cost levels influence policy outcomes. Three cases were analyzed: the Swenli Phase III public renewal project, the Songling Village public renewal project for old military dependents’ housing, and the Shuiyuan Phase IV–V self-organized renewal project. Residential transaction data from 2012 to 2023 were collected. Propensity Score Matching (PSM) was applied to address sample selection bias, followed by Difference-in-Differences (DID) analysis across the announcement (T1), construction (T2), and completion (T3) phases.

DID results show that within a 500 m impact radius, housing prices in T1 and T3 were 55.0% and 18.0% lower, respectively, than in the 501–1000 m range, indicating delayed or reversed policy effects. When controlling for renewal type, public and quasi-public projects exhibited significant positive effects in T1 (53.0% and 49.8%) and T3 (12.2% and 22.3%), but negative effects during T2 (−13.8% and −19.0%). Transaction cost analysis reveals that projects exceeding six years or involving over 100 households reduced prices within the impact zone by 53.1%, 12.4%, and 10.3% in specific phases, reflecting coordination challenges and implementation delays.

The findings suggest prioritizing transaction cost reduction, enhancing transparency, and ensuring fair distribution of external benefits, while mitigating construction-phase disruptions through compensation and resettlement mechanisms.

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