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The Implicit Value of Community and Sports Facilities of Condominium in Seoul Metropolitan Area, Korea
Korea Real Estate Review
2010,
20(1), pp.9-27
Publisher : korea real estate research institute
Research Area : Law of Real Estate
Publisher : korea real estate research institute
Research Area : Law of Real Estate
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This study used Rosen's Hedonic Price Model to analyze effects of sports facilities and community facilities on housing price and their optimal size, which has been lately considered as a critical factor due to increasing demands for condominium house. According to analysis, it was found that housing price reached its peak when the space of community facilities was allocated as wide as about 3.25㎡ per household. And housing price reached its peak when the space of sports facilities was allocated about 2.05㎡ per household. It was found that the locational value of apartment house, which is a determinant of housing price, plays the biggest part in the pricing of housing. In addition, it was found that both environmental characteristics and complex characteristics were also factors having positive effects on housing price. This study classified high-technology security facilities into 6 levels and sought to analyze possible effects of each grade of those facilities upon housing price. As a result, it was found that housing price could increase as high-technology security facilities became upgraded into certain level, but the excess of such a certain level could not have effects on housing price.
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