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Sustainability 2016, 8(5), 432; doi:10.3390/su8050432

Measuring the Externality Effects of Commercial Land Use on Residential Land Value: A Case Study of Seoul

1
Center of Housing Policy Development and Research, Housing Construction Bureau, Seoul Metropolitan Government, 110 Sejong-daero, Jung-gu, Seoul 04524, Korea
2
Graduate School of Design, Harvard University, 48 Quincy Street, Cambridge, MA 02138, USA
3
Department of Urban and Regional Planning, Graduate School of Environmental Studies, Seoul National University, #82-310, 1 Gwanak-ro, Gwanak-gu, Seoul 08826, Korea
*
Author to whom correspondence should be addressed.
Academic Editor: Marc A. Rosen
Received: 24 December 2015 / Revised: 14 April 2016 / Accepted: 18 April 2016 / Published: 30 April 2016
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Abstract

Two contrasting theories purport to explain the effects of neighborhood non-residential use on residential property values. In traditional zoning theory, separating land from commercial land use is considered to protect residential environments from negative externalities such as noise, litter, and congestion. By contrast, contemporary planning principles including Smart Growth emphasize positive impacts of mixed land use on residential environment, which lead to more walkable and sustainable communities. This study attempts to empirically investigate how positive and negative externalities of commercial land use, referred to as “proximity effects” and “disamenity effects” respectively, affect residential land values. Using data gathered in Seoul, we pay attention to two particular aspects of commercial land use: spatial concentration and neighborhood scale. Spatial concentration is determined by the number of commercial employees present in the buffer zone around an individual residential parcel. We model four geographically distinct neighborhood scales as we compare spatial concentrations in and across commercial zones. Quadratic regression analyses of our data show the trade-off relationship that a higher spatial concentration of commercial land use in a neighborhood initially results in increased residential land values, but drops off beyond a threshold level by excessive noise or crowding. View Full-Text
Keywords: commercial land use; proximity effects; disamenity effects; spatial concentration; neighborhood scale commercial land use; proximity effects; disamenity effects; spatial concentration; neighborhood scale
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Yang, H.J.; Song, J.; Choi, M.J. Measuring the Externality Effects of Commercial Land Use on Residential Land Value: A Case Study of Seoul. Sustainability 2016, 8, 432.

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