Anticipating the Airport: Extensive-Margin Construction Activation and Selective Appreciation Following an Infrastructure Announcement—Evidence from Cadastral Microdata (Torquemada, Valparaíso, Chile)

Announcements of major transport infrastructure can reorganize land markets long before construction begins, as expectations are capitalized into prices and building decisions—with direct implications for sustainable territorial planning. This study examines the real estate response to the 2024 announcement of the Torquemada airport project in the Valparaíso Region, Chile. We assemble a high-resolution microterritorial panel at the block–semester–land-use level, integrating three Chilean administrative registers: the SII cadastre (over 100 million construction lines across 16 semestral snapshots, 2018–2025), the F2890 conveyance records (1.49 million geolocated transactions), and the daily Unidad de Fomento series. We estimate a multi-outcome spatial difference-in-differences design, complemented by an event study, land-use heterogeneity analysis, local indicators of spatial association, placebo tests, spatial-weight sensitivity analysis, and the heterogeneity-robust Callaway–Sant’Anna estimator. We find a robust increase in new-parcel construction in the zone of influence—identified by an annual event study against never-treated controls whose pre-announcement coefficients are small and trendless, in sharp contrast to the uniformly positive pre-trends of the expansion and aggregate-stock series—together with selective appreciation of non-residential uses and no detectable effect on housing value. The expansion and aggregate-stock components are not separately identified: their pre-announcement trends are strongly non-parallel, so the corresponding fixed-effects coefficients are read as design-conditional associations. The evidence supports an activation of the extensive margin (new-parcel building) rather than a recomposition away from densification. We read the evidence as the anticipatory footprint of the announcement rather than a point causal effect. Detecting this footprint before construction enables anticipatory value capture and sprawl-containment policy while the planning window remains open.