@article{ART003318641},
author={Lee, Sang Jun and Sanggun Lee and Wanhee Park},
title={A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2026},
volume={36},
number={1},
pages={51-71},
doi={10.35136/krer.36.1.3}
TY - JOUR
AU - Lee, Sang Jun
AU - Sanggun Lee
AU - Wanhee Park
TI - A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values
JO - Korea Real Estate Review
PY - 2026
VL - 36
IS - 1
PB - korea real estate research institute
SP - 51
EP - 71
SN - 2092-5395
AB - This study empirically examines the impact of pedestrian accessibility to lake parks on apartment transaction prices in four major new towns (Gwanggyo, Dongtan, Unjeong, and Cheongna) in the Seoul metropolitan area. Using 1,180 actual transaction records aggregated into 80 apartment complexes, a hedonic price model or ordinary least squares (OLS) was initially estimated. Moran's Index test was then conducted to assess spatial autocorrelation in the residuals. The results indicated significant spatial clustering only in Gwanggyo, characterized by its high-density linear urban structure, leading to the application of the spatial error model (SEM). Conversely, the OLS model was found to be statistically appropriate for the other three cities.
The findings confirm that apartment prices significantly decline as walking distance to lake parks increases, indicating that walking access to parks is capitalized into housing prices in the form of price premium. In Gwanggyo, the application of the SEM significantly improved model performance, as indicated by lower Akaike Information Criterion values, implying that proximity to lake parks and subway stations, as well as apartment age (newer buildings), acts as key determinants of housing prices. This study highlights that the spillover effects of park-related premiums and the suitability of analytical models can vary depending on urban spatial structure, suggesting that a balanced distribution and improved accessibility of green infrastructure are essential for future urban planning.
KW - Lake Park;Apartment Price;Hedonic Model;Moran’s Index;Spatial Regression Model
DO - 10.35136/krer.36.1.3
ER -
Lee, Sang Jun, Sanggun Lee and Wanhee Park. (2026). A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values. Korea Real Estate Review, 36(1), 51-71.
Lee, Sang Jun, Sanggun Lee and Wanhee Park. 2026, "A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values", Korea Real Estate Review, vol.36, no.1 pp.51-71. Available from: doi:10.35136/krer.36.1.3
Lee, Sang Jun, Sanggun Lee, Wanhee Park "A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values" Korea Real Estate Review 36.1 pp.51-71 (2026) : 51.
Lee, Sang Jun, Sanggun Lee, Wanhee Park. A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values. 2026; 36(1), 51-71. Available from: doi:10.35136/krer.36.1.3
Lee, Sang Jun, Sanggun Lee and Wanhee Park. "A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values" Korea Real Estate Review 36, no.1 (2026) : 51-71.doi: 10.35136/krer.36.1.3
Lee, Sang Jun; Sanggun Lee; Wanhee Park. A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values. Korea Real Estate Review, 36(1), 51-71. doi: 10.35136/krer.36.1.3
Lee, Sang Jun; Sanggun Lee; Wanhee Park. A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values. Korea Real Estate Review. 2026; 36(1) 51-71. doi: 10.35136/krer.36.1.3
Lee, Sang Jun, Sanggun Lee, Wanhee Park. A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values. 2026; 36(1), 51-71. Available from: doi:10.35136/krer.36.1.3
Lee, Sang Jun, Sanggun Lee and Wanhee Park. "A Spatial Hedonic Analysis of the Impact of Lake Parks on Residential Property Values" Korea Real Estate Review 36, no.1 (2026) : 51-71.doi: 10.35136/krer.36.1.3
