Dynamic Impacts of Spatial Proximity of School on Apartment Resale Prices (교육시설 인접성이 아파트 가격에 미치는 공간적 영향분석)

Nam， Hyung-Kwon (남형권); Wonseok Seo (서원석)

Dynamic Impacts of Spatial Proximity of School on Apartment Resale Prices

Korea Real Estate Review
2016, 26(2), pp.97-109
Publisher : korea real estate research institute
Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
Published : June 30, 2016

Nam， Hyung-Kwon ¹, Wonseok Seo ²

¹중앙대 도시계획부동산학과
²중앙대학교

Accredited

ABSTRACT

Although high school is regarded as an important step for entering university as well as becoming a member of society, many research literature has focused on the high school as a side issue. Then the purpose of this study is to analyze spatial impacts of high school proximity on apartment resale prices to remedy this deficiency accordingly. As a result, this study finds that if the high school is located near the apartment, the resale price is decreased compared to that of far apart. Typically, the apartment resale price goes to highest if a high school is located between 901 and 1,000 meter from the apartment. Based on this result, this study gives some policy implications. First, it is necessary for thoughtful consideration when deciding high school allocation because it gives significant impact on residents’ quality of life. Moreover, the current standard of student walking distance in urban planning scheme should be reconsidered because the result of this study suggests somewhat closer for the walking distance.

KEYWORDS

school proximity, high school, apartment price, spatial auotoregression model, hedonic price model

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