Analyzing the Effects of Urban Agriculture on Housing Price: The Case of Creating ‘Pro-environmental Urban Farms’ in Gangdong-gu, Seoul

In Kwon Park; Minju Lee

doi:10.15793/kspr.2014.80..007

This study aims to analyze the effects on housing price of urban agriculture in public community gardens (PCGs), using the case of ‘pro-environmental urban farms’ in Gangdong-gu, Seoul. We incorporated the difference-in-difference method into a hierarchical linear hedonic model to solve the problem of clustered data and to sift out the effects of creating community gardens from housing price changes over time and space. The results show that the opening of a PCG raises condo prices by KRW160,000~450,000/m2. In particular, condo prices rises much by KRW390,000~450,000/m2 in the 500~1,500m buffer of a PCG. But the price increase is not statistically significant in the 500m buffer. These results imply that municipalities should take into account spatial equity in benefits and costs when they raise and support urban agriculture.

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