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<p>Airports are crucial transportation facilities, but the impact of their closures on housing markets remains a topic of debate. This paper reveals unexpected negative effects by examining the closure of low‑traffic Beijing Nanyuan Airport. Using a geographic difference‑in‑differences approach, we analyze resold housing data and show that properties in the most-affected group (3–6&#xa0;km of the airport) experienced a relative price decline after the airport closure. This decline is attributed to the loss of proximity benefits previously provided by the airport. We also document floor-level heterogeneity: compared with properties on higher floors, bottom- and low-floor units exhibit relative price premiums following the airport closure. We prove that these premiums are plausibly driven by closure-induced positive externalities that disproportionately favor lower‑floor residents. These findings challenge the noise-centric narrative, highlighting how airport closures reshape housing markets.</p>

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When the Airport Falls Silent: Airport Closure and Housing Market Dynamics

  • 期刊论文

  • 发表日期：

    2026年4月29日

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  • Yuhang Mai

摘要

Airports are crucial transportation facilities, but the impact of their closures on housing markets remains a topic of debate. This paper reveals unexpected negative effects by examining the closure of low‑traffic Beijing Nanyuan Airport. Using a geographic difference‑in‑differences approach, we analyze resold housing data and show that properties in the most-affected group (3–6 km of the airport) experienced a relative price decline after the airport closure. This decline is attributed to the loss of proximity benefits previously provided by the airport. We also document floor-level heterogeneity: compared with properties on higher floors, bottom- and low-floor units exhibit relative price premiums following the airport closure. We prove that these premiums are plausibly driven by closure-induced positive externalities that disproportionately favor lower‑floor residents. These findings challenge the noise-centric narrative, highlighting how airport closures reshape housing markets.