Journal of the Architectural Institute of Korea (대한건축학회논문집)

Architectural Institute of Korea (대한건축학회)
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Evaluating the Short-term Effect of a New Monorail-type Light Rail Transit on Apartment Sale Prices : DID Estimation in the Case of Daegu City

모노레일 경전철 개통이 아파트 매매가격에 미친 단기 효과 : 이중차이분석을 활용한 대구광역시 실증분석

  • 안용진 (서울과학기술대학교 건축학부) ;
  • 김지엽 (성균관대학교 건축학과)
  • Received : 2021.03.04
  • Accepted : 2021.04.30
  • Published : 2021.05.30
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Abstract

Unlike previous cross-sectional studies on the capitalization effect of new rail transit system, this study identifies a short-term effect of the introduction of monorail-type light rail transit on apartment sale prices using panel data. Results from DID (Difference in Difference) estimation based on total 948 samples of apartment sales (between 2014 and 2016 year) within 30 stationary areas of Daegu LRT Line-3 revealed that the interaction term (time*station area) is positively associated with apartment sale prices at the statistically significant level (p<0.05). However, the magnitude of short-term effect(Beta=0.078) is relatively small, compared with Deterioration (-0.626), Households (0.101), Area of unit (-0.153), Entrance (0.234), and Urban center (-0.154). Therefore, it is concluded that the capitalization of a new transit system still exists after opening but the short-term effect size is marginal.

Keywords

Acknowledgement

본 연구는 서울과학기술대학교 신임교수 연구정착비 지원으로 수행되었습니다.

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