Park Accessibility Impacts Housing Prices in Seoul

Housing prices are determined by a variety of factors, including the features of the building and the neighborhood environment, and a potential buyer decides to buy a house after reviewing these factors and concluding that it is worth the price. We used Hedonic Price Methods to find the relationship...

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Bibliographic Details
Published in:Sustainability 2017, Vol.9 (2), p.185-185
Main Authors: Park, Jin, Lee, Dong, Park, Chan, Kim, Ho, Jung, Tae, Kim, Songyi
Format: Article
Language:English
Subjects:
Climate change
Cultural heritage
Economic impact
Ecosystems
Environmental economics
Housing
Housing prices
Impact analysis
Landscape architecture
National parks
Neighborhoods
Parks
Parks & recreation areas
Preferences
Socioeconomic factors
Sustainability
Tourism
Urban areas
Variables
Walking
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Summary:Housing prices are determined by a variety of factors, including the features of the building and the neighborhood environment, and a potential buyer decides to buy a house after reviewing these factors and concluding that it is worth the price. We used Hedonic Price Methods to find the relationship between monetary value of house and access conditions to urban parks. Two meaningful results were discovered in this study: first, as the distance from the park increases, the value of the park inherent in the housing price decreases; second, the greater walking accessibility, to the park, the higher the park value inherent in housing prices. Despite presenting shorter distances to walk and more entrances, poorly accessible zones were deemed as such due to the necessity of crossing an arterial road. This indicates that the results can define accessibility not as the Euclidian distance but as the shortest walking distance while considering crossroads and park entrances. The results of this study have significant implications for urban park economic impact analyses in Seoul. Also, the increase in housing prices closer to parks supports the idea that access is dependent on the residents’ socioeconomic status. Lastly, the results of this study can improve walking accessibility to the park.
ISSN:2071-1050
2071-1050
DOI:10.3390/su9020185