Korea Real Estate Review 2023 KCI Impact Factor : 0.56
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pISSN : 2092-5395 / eISSN : 2733-8339
- https://journal.kci.go.kr/krer
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Effects of Intermodalism of Public Transit on Land Prices : Case of Metro and Bus Transit in Seoul, Korea
- Korea Real Estate Review
- 2021, 31(2), pp.47-68
- DOI : 10.35136/krer.31.2.4
- Publisher : korea real estate research institute
- Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
- Received : April 26, 2021
- Accepted : June 16, 2021
- Published : June 30, 2021
1중앙대학교
Accredited
ABSTRACT
As major cities worldwide face urban issues, such as traffic congestion, energy consumption, environmental pollution, and climate change, public transportation has been considered an important alternative. In particular, intermodalism of public transport is an effective policy measure to increase the use of public transport services. This study measures the integrated services of subway and buses in Seoul and analyzes their effects on residential and nonresidential land prices. Our models confirmed that metro and bus intermodalism generate positive effects on land prices although it was weaker than those of access to metro stations. Further, the models revealed that the land along straight streets within 1-km radius of metro station with more bus frequency and with more detour spots had gained more price premium. Overall, access to intermodalism of metro and bus is found to exert a greater positive effect on nonresidential than residential land prices. The results can aid in explaining and predicting the effects of intermodalism creation and expansion of public transportation services on the real estate market.
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This paper was written with support from the National Research Foundation of Korea.