| Title |
A Study on the Influence of the Exterior Spatial Feature upon the Apartment Housing Prices |
| Authors |
Lee Se-Young ; Yoo Hak-Kyu ; Jung Sung-Won ; Yuh Hong-Koo |
| Keywords |
Newtown ; Apartment Housing ; Exterior Space ; Neighborhood Park ; Apartment Prices ; Hedonic Price Model |
| Abstract |
Recent interest in "well-being" leads residents to recognize the importance of pleasant environment. As a hypothesis, exterior spaces, especially natural space like park, pond, etc. have influence on determining price of an apartment nearby.
This paper has selected San-bon Newtown, and analyzed the relationship between exterior space and the price of apartment. San-bon Newtown is one of the best cities for the above circumstance. Because it is surrounded by greenery like Suri Mountain, and holds a lot of green space in itself. (It has 11 neighborhood parks and 33 children parks.)
This paper aims to estimate quantitatively the influence of such externalities measured in terms of housing values by way of hedonic technique. The result indicates that exterior factors like closeness of neighborhood park, promenade, etc. affect more on the apartment prices than orientation, view of apartment itself or location of subway station in San-bon Newtown. |