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The Effect of Subway Network Expansion on Housing Rental Price in Busan, Daegu Metropolitan City

  • Korea Real Estate Review
  • 2021, 31(4), pp.19-30
  • DOI : 10.35136/krer.31.4.2
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Received : July 28, 2021
  • Accepted : December 17, 2021
  • Published : December 31, 2021

Cha, Hye Min 1 Kim, Ji Yeon 2 Chang-Moo Lee ORD ID 1

1한양대학교
2한양대학교 도시공학과

Accredited

ABSTRACT

The expansion effect of the subway line, which was mainly studied in the past, has been focused on improving the accessibility to the starting point. However, in this study, the shortened time to the destination is also considered a convenience benefit caused by the subway’s opening. We examined the expansion effect of Line 3 in Busan, where Lines 1 and 2 are currently operational. We also examined the effect of the extension of Line 2 in Daegu City. The analytical methods were employed by applying the “repeat sales model” that can be analyzed by time series. We also examined the effect of subway accessibility on the rent price of apartments from 2000 to 2010. The main results indicated that despite the unchanged distance from the existing subway, the utility of that station increased with the extension of the new route. The results of this empirical analysis can be used as a reference to determine the benefits and effects of establishing subway lines in terms of existing route users through cost analysis.

Citation status

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