Park accessibility impacts housing prices in Seoul

Jin Han Park, Dong Kun Lee, Chan Park, Ho Gul Kim, Tae Yong Jung, Songyi Kim

Research output: Contribution to journalArticle

11 Citations (Scopus)

Abstract

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.

Original languageEnglish
Article number185
JournalSustainability (Switzerland)
Volume9
Issue number2
DOIs
Publication statusPublished - 2017 Jan 1

All Science Journal Classification (ASJC) codes

  • Geography, Planning and Development
  • Renewable Energy, Sustainability and the Environment
  • Management, Monitoring, Policy and Law

Fingerprint Dive into the research topics of 'Park accessibility impacts housing prices in Seoul'. Together they form a unique fingerprint.

  • Cite this