| Title |
Effect of Floor Plan Characteristics on Housing Price - Focused on the Apartment in 3 Gangnam Districts since 2005 - |
| Authors |
Bae, Sangyoung ; Lee, Jaewon ; Lee, Sangyoub |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2018.19.4.102 |
| Keywords |
Apartment Price ; Plan Characteristic ; Floor Plan Design ; Hedonic Price Model |
| Abstract |
The study analyzed the effects of the floor plan characteristics on the apartment price under the national housing size in 3 Gangnam districts for decades, the primary apartment markets in Korea. The analysis showed that the storage spaces such as kitchen, warehouses and dressage rooms have a positive effect on the price. Especially, the highly opened space with three-side open plan and the one with the unified type of livingroom, diningroom and kitchen have shown the strong effect on the price. For the kitchen spaces, the I-shaped kitchen tends to be more expensive while a centered living room has a positive effect on the price. These findings have an academic significance as the direct effects of plan characteristics on price has been examined unlike prior research focused on the analysis of trend, basic statistics, and satisfaction level. It is noteworthy that these research finding has identified the productive implication for the future floor plan design and pricing and also be implemented in the purchasing decision making by buyers in the housing market. |