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The Impact of Highway Construction on Land Price and Transaction Volume: A case of Central Inland Highway Extension between Yeoju and Gumi

  • Korea Real Estate Review
  • 2011, 21(2), pp.69-88
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

KIM, JIN-YOO 1

1경기대학교

Accredited

ABSTRACT

Understanding links from new highway construction to regional property market change is crucial for transportation planners and real estate policy makers. This paper aims to empirically examine the impact of the Central Inland Highway construction on land market in terms of land price and transaction volume. A series of multiple regression analyses are employed in order to estimate the effect of the highway on changes of land price and transaction for the last 10 years(1999～2009). The major findings are summarized as follows: 1) The Central Inland Highway has contributed to the increase of the land price for the regions with highway exit while it has not affect land transaction volume. 2) The price impact of the highway exit is differential by zoning control and the regions’ development level; the ‘Management area’ land leads price increase and the city area has experienced significant price increase in the short-term, whereas rural area has not. The results imply that highway construction in lagging area can be the overall positive trigger of regional development and it should be come with regional development plan in order to prevent short-term speculation.

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