| Title |
Re-examining Visual Openness as a Determinant of Housing Prices |
| Authors |
양동우(Yang, Dongwoo) ; 유상균(Yu, Sanggyun) |
| DOI |
https://doi.org/10.5659/JAIK.2026.42.6.41 |
| Keywords |
Visual Openness; Scenic View; Geographic Access; View from Balcony; Housing Prices; Hedonic Price Model |
| Abstract |
The value of scenic views is widely recognized as a significant factor influencing housing prices. However, the unclear use of terms such as
visual openness and geographic proximity to natural amenities has led to conceptual ambiguity. This study aims to address this issue by
empirically examining the effect of visual openness on housing prices while clearly distinguishing it from geographic accessibility. Using a
hedonic pricing model, asking prices of high-rise condominium units in Seoul were analyzed based on data obtained from an online real
estate platform. The model included variables related to visual obstruction, proximity to natural environments, and other structural and
neighborhood characteristics. Contrary to conventional expectations, greater visual obstruction was found to have a small but statistically
significant positive effect on housing prices. In contrast, better geographic accessibility to natural amenities, such as rivers, streams, and green
spaces, was significantly associated with higher prices. These findings suggest that previous discussions may have overstated the role of
unobstructed views by conflating them with physical proximity to nature. In a dense urban context, factors such as privacy and access to key
amenities may play a more important role in determining housing values. This study provides a more nuanced understanding of urban
housing markets and contributes to more informed discussions on urban density regulations and housing policy. |