| Title |
A Case Study on the Influence of the New Town Project upon Neighborhood Housing Prices in Seoul by the Project Type |
| Authors |
Kwon Tae-In ; Lee Sang-Hyo ; Kim Jae-Jun |
| Keywords |
New Town Project ; Project Type ; Housing Price ; Vector Error Correction Model |
| Abstract |
The Seoul Metropolitan Government has acknowledged the problem of economic gap between Gangnam and Gangbuk area, and has initiated the Gangbuk Newtown Development project with a goal to achieve regionally balanced development since 1990s. A pilot new town project was launched in three districts on October 23 of 2002. The second-phase project started in 12 districts on November 18 of the following year, and the third-phase project was launched in 10 districts by January 26, 2006. The total number of projects is 25. The new town districts are categorized into three types: residence-oriented, urban and new town. Each prototype was displayed in three districts developed during the pilot project. The new town project inevitably affects the housing price in the vicinity. The previous studies focused on analyzing dynamic relationship between the new town project site and the surrounding area in terms of housing price. For time-series analysis, housing sales price index of the Kookmin Bank was used. In this study, monthly data between January 2003 and August 2009 were used for housing sales price index. The analysis result revealed that the correlation of housing price between new town site and the surrounding area had clear difference depending on the project type. |