| Title |
A Study on Evaluating The Importance of The Residential Environment Factors Influencing The Price of Apartment House |
| Authors |
Choi Yoon-Ah ; Song Byung-Ha |
| Keywords |
Housing Price ; Sub-Markets ; Living Environment Factors ; Hedonic Price Model |
| Abstract |
The structure of today's housing market focuses on how to fulfill not only the physical characteristics of living environment, but also the social and economic desires. As one of the goods provided to consumers in the housing market, the price of house can be the barometer of resident's satisfaction. By evaluating the economic values of factors in housing environment, this paper aims to deduce the factors which are recognized and evaluated as important by consumers, and to capture the importance of each factor. There are four steps involved as analysis method: 1. Analyze the correlation between the factor composing living environments and the housing price. 2. Segment the housing market in Seoul by the price, and compare and analyze the differences between sub-markets. 3. By using Hedonic Price Model, deduce the economic importance of each factor in each sub-market. 4. Capture the recent trend of housing environment factors for the sub-markets segmented by the time of completion. In conclusion, there are critical differences of living environment factors between sub-markets in Seoul housing market, and the factors affecting the price appears differently between groups. The proportion of the environmental factors to the physical factors, composing the comfortable living environment, is increasing in recent housing complexes. |