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Sustainability 2017, 9(2), 185; doi:10.3390/su9020185

Park Accessibility Impacts Housing Prices in Seoul

1
Interdisciplinary Program in Landscape Architecture, Seoul National University, Seoul 08826, Korea
2
Department of Landscape Architecture, College of Agriculture and Life Sciences, Seoul National University, Seoul 08826, Korea
3
Department of Landscape Architecture, College of Urban Science, University of Seoul, Seoul 02504, Korea
4
Graduate School of International Studies, Yonsei University, Seoul 03722, Korea
5
Tourism Policy Research Division, Korea Culture & Tourism Institute, Seoul 07511, Korea
*
Authors to whom correspondence should be addressed.
Received: 31 October 2016 / Accepted: 23 January 2017 / Published: 27 January 2017
(This article belongs to the Special Issue Maintaining Ecosystem Services to Support Urban Needs)
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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. View Full-Text
Keywords: property price; valuation; ecosystem services; hedonic price methods (HPM); non-market value property price; valuation; ecosystem services; hedonic price methods (HPM); non-market value
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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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Park, J.H.; Lee, D.K.; Park, C.; Kim, H.G.; Jung, T.Y.; Kim, S. Park Accessibility Impacts Housing Prices in Seoul. Sustainability 2017, 9, 185.

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