| Title |
The Impacts of Time-Varying Accessibility of Facilities on Housing Price Change by the Modified Repeat Sales Model - The Case of Subway Line 9 in Seoul |
| Keywords |
housing price;modified repeat sales model;subway line 9;facilities’ accessibility;아파트가격;수정반복매매모형;지하철 9호선;시설접근성 |
| Abstract |
The modified repeat-sales model is employed in this study in order to identify differentiating impacts of time-varying accessibility characteristics on housing price. The results demonstrate that accessibility measures have very differential impacts on housing price over time. The improvement of accessibility through newly built facilities and apartment complex has either increased or decreased housing price. For example, the new subway line 9 has positive impact on housing price nearby, therefore price gap between subway access area and the other parts has been increased. The impact of the wide area facilities such as shopping center and hospital are decreased because they can be used more easily by the new subway line before. However, the small service area facility such as elementary school doesn’t lose their impact even though subway accessibility extremely increased. The results imply that new facilities in existing residential site can affect not only housing price but also the other facilities’ impact of housing price. |