Title Analysis of Effect of Infrastructure Property on an Apartment Housing Price - Focused on Urban Subway System in Seoul Metropolitan Area -
Authors Bae, Sangyoung ; Lee, Sangyoub
DOI https://dx.doi.org/10.6106/KJCEM.2021.22.1.027
Page pp.27-35
ISSN 2005-6095
Keywords Apartment House Price; Urban Railway; Transit Users; Hedonic Price Model
Abstract The study intends to identify the effects of infrastructure property on an apartment house by analyzing the price variation affected by factors constituting the quality of the transit services of each individual station in urban railway system based on hedonic price model. The research findings indicate that the prices depending on the transit users have increased from 7.8% to 12.2% in Seoul and decreased from 6.1% to 12.9% in Gyeonggi, which implies that a lower number of transfer users has a positive effect on housing prices in Seoul unlike Gyeonggi. It also is noteworthy that the distance to the urban railway station had a negative effect on housing prices in Seoul and positive effect in Gyeonggi. Taking these results together, in Seoul, the increase in the number of transit users had a negative effect on neighborhood housing prices. When analyzed by segments, however, an additional negative effect was observed only in the apartments located within the radius of 100 meters. It is also found that the impact of transit users varies according to the regional characteristics, such as the density of commercial facilities and the population density, and the spatial extent of negative effect also showed regional differences. These results provide implications for the planning of new stations, new cities, and land use of existing areas around stations.