| Title |
An Analysis of Implicit Value of Landmark Factor Regarding Relative Scale and Density Ratio of High-Rise Buildings on the High-Rise Residential Building Prices |
| Authors |
Na Ki-Do ; Choy Won-Cheol ; Kim Jae-Jun ; Kim Ju-Hyung |
| Keywords |
Housing Price ; Relativity ; Landmark Factors ; High-rise Building Density ; Hedonic Price Model |
| Abstract |
In this research, the theory of relativity was extended to construction sector and implicit value of landmark factors on high-rise residential buildings in Seoul, Korea were investigated. Hedonic Price Model is adopted as a framework for empirical analysis, and then linear regression and semi-log regression are conducted by using data from 22 high-rise residential buildings containing a total of 2,455 units located on Seoul. The market price of housing unit was used as a dependent variable. In dealing with variables regarding landmark, relative-height and relative-area were reestablished and quantification of density ratio of high-rise residential buildings were conducted. Other independent variables were elicited from precedent study. According to results of regression analysis, all landmark factors(i.e., relative-height, relative-area, density ratio) have an effect on the market price of housing unit. The fact that a rise of relative-height and relative-area increases market price whereas a rise of density ratio decreases market price was found. |