• Environmental and Resource Economics Review
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• v.28 no.1
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• pp.61-93
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• 2019

This study is to apply Hedonic Price Method in analyzing residents' preferences for three types of urban green space (UGS, rivers, urban parks, and forests) near the apartment complexes in Seoul. Based on hedonic price function estimation results, residents in Seoul preferred for the urban amenity that was provided by the view and accessibility (in terms of both within 10 minutes and distance) of rivers and urban parks near the apartment complexes, but not forests. The annual benefits calculated using the shadow prices are about 550~600 thousand won for the urban park views and about 800 thousand won for the accessibility, which is 2-3 times higher than river views and accessibility. On the other hand, forest views and accessibility did not have significant effects on apartment prices, except the view of Bukhan mountain for the residents of Gangbuk area. Based on the empirical results, Seoul residents' preferences for urban parks would have important implications for the urban park sunset program that will be initiated from July 2020.

• Journal of the Korean Association of Geographic Information Studies
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• v.27 no.3
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• pp.43-59
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• 2024

This study focuses on identifying the impacts of the Nowon resource recovery facility in Seoul, Korea, on the real transaction price of apartments in the neighboring areas between 2006 and 2022, and the spatial extent of the impact. Resource recovery facilities, which generate electricity and heating energy while disposing of waste, are typical unwanted facilities that have a negative impact on neighboring property prices. As direct landfilling of household waste is banned in Seoul from 2026 and nationwide from 2030, the demand for the expansion of waste incineration facilities, including resource recovery facilities, is expected to increase rapidly. In addition, social disputes related to the decline in neighboring property prices are expected to increase. This study analyses the impact of the Nowon resource recovery facility on surrounding apartment prices over a 17-year period since 2006 using hedonic price models for apartments, and finds that the Nowon resource recovery facility consistently has a negative impact on nearby apartment prices, the spatial extent of the impact is at least 1,000 meters from the facility, and the intensity of the negative impact weakens as the distance from the facility increases. The results of this study differ from recent studies finding that the spatial extent of the impact of resource recovery facilities in Seoul on surrounding property prices is limited within 500~600 meters, suggesting that a broader approach is needed to systematically manage social conflicts that are expected to increase with the growing social demand for resource recovery facilities.

• Journal of Environmental Policy
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• v.9 no.4
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• pp.103-123
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• 2010

Many former industrial cities such as Cleveland, Ohio are trying to transform their identities from blue-collar manufacturing centers to white-collar professional hubs. As a result, the re-use of land previously occupied by industrial firms has been on the rise as an important sustainable land-use strategy in the United States. Ohio's Cuyahoga County offers a Brownfield Redevelopment Fund to overcome the environmental barriers inherent in re-use in order to obtain full use of underutilized properties in the county. This study estimates externality effects of brownfield redevelopment projects (BRPs) on nearby housing sales prices in Cuyahoga County. Typical hedonic regression models that employ "difference-in-difference" techniques are used to compare proximal housing sale prices before and after the completion of BRPs.

• Korea Real Estate Review
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• v.27 no.4
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• pp.63-76
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• 2017

The purpose of this study is to analyze the effect of the results of a nationwide academic evaluation of middle schools and high schools on apartment prices in Ulsan City by using a hedonic pricing model. The results of the middle school and high school achievement test, the College Scholastic Ability Test (CSAT) score for high school, the national united evaluation score, and the number of successful applicants to prestigious universities have a significant effect on the apartment price formation with a positive relationship. In addition, different kinds of academic evaluation score have asymmetric effects on apartment price determination. The results of the high school achievement evaluation are more important than the results of the middle school achievement evaluation in the apartment price determination. Among the achievement evaluation results, the ratio of the students with the higher education level is more important than the ratio of the students with the lower basic education level. Furthermore, the CSAT score for Natural Sciences is more important than the CSAT score for the Humanities course.

• Journal of the Korean Association of Geographic Information Studies
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• v.11 no.1
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• pp.68-79
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• 2008

Because local cities are different from large cities, they need to reflect their own characteristics of housing market. Thus in order to obtain useful implications for the establishing sound housing market in Jinju City, this paper investigated the characteristics of spatial distribution and determinant factors that affect apartment price in Jinju City. GIS representation of the apartments showed that most of old and small apartments were built in 'land readjustment project' areas executed in 1970s. On the contrary, new and large scale apartment complexes were built quite recently and distributed in the western and southern parts of the city. Next, in order to examine the factors which affect apartment price, this paper subtracted firstly several variables from the related studies. However in order to avoid multi-colinearity, variables were summarized by means of factor analysis. Then, setting apartment price as a dependant variable, 12 hedonic price models were established with 33 independent variables. As results, building age, floor area, accessibility to university and hospital, accessibility to arterial road, and stair-type building were turned out to be significant. These results will be used in making the supply and allocation plan of urban facilities and housing. Finally as conclusions this paper emphasized the need of periodic analysis of local housing market and establishing detailed housing information systems.

• Journal of Korean Society of Rural Planning
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• v.11 no.3 s.28
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• pp.11-17
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• 2005

Land prices reflect not only the uses of land, but the potential uses as well(Plantinga, 2002) so land values can be applied to very effective indices for deciding regional status and growing potential. The purpose of this study is to deduce determinant factors of regional land prices. Principal determinants of regional land prices are analyzed with a hedonic technique and spatial econometric models based on 2001 statistic data of Korea except large cities. The results provide the followings. 1. The spatial effect of rural regions are very little with adjacent regions. 2. The common index of land price is population density and other determinant factors are different depending on land uses.

• Korean Journal of Construction Engineering and Management
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• v.16 no.1
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• pp.74-81
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• 2015

As one of urban infrastructure system, the electricity substation is critical for urban life and industrial activity as the electricity demands get higher than ever. However the substation is generally regarded as unpleasant or dangerous facility, which finally results in the continuous opposition movement by resident due to the belief of unidentified negative effect in apartment prices. Accordingly, as the scientifically objective and quantitative analysis is required to solve the social conflict, this study intends to examine the variation affected by urban infrastructure system, expecially for substation. After the independent variable defining the price of apartment and the dependent variable, which is apartment price, are identified and their spatial data has been filed, the forecasting model has been developed through the hedonic price function as well as artificial neural networks system. The research finding indicated that the spatial range affected by substation is not notable and the range of some case was applicable for less than 600m. It is expected that these research findings can be applied for establishing the one of solid cases for the analysis of economical effect to local housing market by the urban infrastructure system.

• Korea Real Estate Review
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• v.28 no.2
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• pp.7-20
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• 2018

This paper has statistically analyzed the determining factors that affect office building sale prices by focusing on strata property sales through the hedonic price function. In this study, 1,171 office building transaction cases were analyzed in Seoul from 2000 to 2017. To determine the influence of various factors on office building sale prices, independent variables included factors that represented macroeconomic characteristics, locational characteristics, physical characteristics, and deal characteristics. The analysis of the strata property sales, which is a major concern in this study, showed that strata property sales enjoyed a discount of about 1.56 million won per pyeong out of the entire sales. In terms of the discount rate, strata property sales were at a 12.6% discount compared to entire property sales, so it was found that strata property sales significantly influenced office building selling price. This is due to the fact that the owner of the strata property encounters more difficulties in distributing cost than the sole proprietor in terms of property rights and the exercise of management rights. The results of this study are expected to contribute in securing transparency in transactions and risk management strategies in the future.

• Journal of the Korean Regional Science Association
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• v.38 no.4
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• pp.45-58
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• 2022

This study intends to compare the factors influencing the location of international schools on apartment sales and monthly rent prices for Songdo International School in Incheon, which has a history of more than 10 years. At the latest point, 10 years after the opening of the school, apartments in areas near international schools are divided into sales and monthly rent markets and analyzed. Songdo International City, designed as a planned city, was set as a spatial scope, and 2018-19, which is a relatively stable real estate period, was set as a temporal analysis period to avoid the overheating period of real estate after COVID-19. Considering the urban image of the "New Special Education Zone," such as the opening of Songdo Campus by private academies formed around international schools and domestic and foreign universities, the multiple regression model was applied based on the traditional Hedonic price model. As a result of the empirical analysis, first, differences in the price determinants of sales and monthly rent were confirmed. Second, the price influence of international schools was much higher than that of the variables. Third, the influence of international schools was more pronounced in the monthly rent market than in the sales market.

• Korean Journal of Construction Engineering and Management
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• v.22 no.3
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• pp.61-68
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• 2021

This study analyzed the influencing factors for urban redevelopment projects with a relatively long project duration in the context of Seoul's increasing urbanization rate and aging. Among the business areas that have been designated since 2005 and have been approved for the management and disposal plan of the entire Seoul area, 75 business areas have been set as targets. A hedonic price model was used to analyze the project area, economic, and locational characteristics as independent variables with the project duration from designation of zones to approval of management and disposal plans as dependent variables. As a result of the analysis, the smaller the project area, the larger the area occupied per union member, the larger the land price change rate, and the smaller the KOSPI index, the shorter the required period. This study has the distinction of empirically analyzing the effect of characteristic variables considering size and economic and locational characteristics on period. It provides implications that the area of the business area, the number of union members, and economic conditions should be considered when establishing a business area.