| Title |
Analysis on Land Price Determinants of the Downtown Area using Hedonic Price Model |
| Authors |
Kim Kwang-Kuk ; Hwang Jee-Wook |
| Keywords |
Citadel Area ; Hedonic Price Model ; Land Price Standard Index Table ; Individually Announced Public Land Price |
| Abstract |
The purpose of this study lies on the analysis on the land price determinants in the Citadel Area in the city center with use of the Individually Announced Public Land Price index. These land price determinants in this study are made up of specified districts, land scales, land use characteristics and street conditions in the zone of commercial use from the Individually Announced Public Land Price. As research methodology, it is used the Hedonic Price Model based on the Dummy Regression. This Hedonic Price Model helps at first to seize the correlation between the Individually Announced Public Land Price and each determinant as independent variable. And the Stepwise Regression Analysis helps to seize the effect of the determinants on the Individually Announced Public Land Price. The spatial information of the Citadel Area is basically constructed by the GIS database and modified by the statistical data of the Individually Announced Public Land Price. Finally, it can be confirmed that the present land use in the Citadel Area in the city center dosen't have any economically efficient pattern concerning land economic value. Hence, for the efficient land use the land use pattern shall be changed and improved according to the selected independent variables. |