The objective of this study is to estimate the effect of YangTaekFengShui(陽宅風水) on the price determination of apartment. As a traditional theory of geography, FengShui has been an essential location theory since Korea(高麗) dynasty. However, FengShui would be less valuable if that is not practically applied in town location and a real estate development on the spot.
The apartments of Busan were selected as the study areas. Apartment price per size(pyung) was used as the dependent variable in the hedonic model. Explanatory variables in the model were size(pyeng), floor number, direction, view, noise, brand, heating, parking lot, number of households, particular areas, distance to primary school, subway, discount store, center(subcenter) of a city.
YangTaekFengShui variables are BaeSanImSu(背山臨水), BaeSan(背山), ImSu(臨水), JeonJeoHuGo(前低後高), DongㆍSeoSaTaek(東ㆍ西四宅). BaeSanImSu which indicates the location of the apartment between river and mountain. BaeSan which an apartment is located in the front of mountain. ImSu which an apartment is in front of river(stream). JeonJeoHuGo indicates that the land lever of the front area of the apartment is low and the backside of the apartment is high. DongㆍSeoSaTaek(東ㆍ西四宅) which consists of door, kitchen and main living room location. YangTaekFeng Shui variables were positive effect in the model to find their effects on the apartrment price determination. The results shows that YankTaekFengShui variables is an important factor in the households price.