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Impacts of Education Factors on Apartment Prices

김경민 1 이양원 2

1하버드대학교
2도쿄대학

Accredited

ABSTRACT

While the Gangnam areas have experienced enormous increase in apartment prices since 2000, many people believe that education factors (increase in education performance and private teaching institutions) make an impact on Gangnam’s price increase. Spatial autoregressive regression is used to analyze the impact of education on apartment prices, accompanied with Moran’s I tests for the existence of spatial autocorrelation. This paper concludes that 1) changes in apartment prices affected nearby areas not nationwide, 2) lack in information about education performances can distort market participants’ decision, and 3) rapid increase in apartment prices did not stem from education factors. Rather than controlling prices by copying Gangnam’s education environment onto other regions, improving other regions’ mixed-use level can be an appropriate strategy.

Citation status

* References for papers published after 2022 are currently being built.