Park Accessibility Impacts Housing Prices in Seoul

Jin Han Park, Dong Kun Lee, Chan Park, Ho Gul Kim, Tae Yong Jung and Songyi Kim
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Jin Han Park: Interdisciplinary Program in Landscape Architecture, Seoul National University, Seoul 08826, Korea
Dong Kun Lee: Interdisciplinary Program in Landscape Architecture, Seoul National University, Seoul 08826, Korea
Chan Park: Department of Landscape Architecture, College of Urban Science, University of Seoul, Seoul 02504, Korea
Ho Gul Kim: Interdisciplinary Program in Landscape Architecture, Seoul National University, Seoul 08826, Korea
Tae Yong Jung: Graduate School of International Studies, Yonsei University, Seoul 03722, Korea
Songyi Kim: Tourism Policy Research Division, Korea Culture & Tourism Institute, Seoul 07511, Korea

Sustainability, 2017, vol. 9, issue 2, 1-14

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.

Keywords: property price; valuation; ecosystem services; hedonic price methods (HPM); non-market value (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (17)

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