In Korea, regions that are vulnerable to human and property damages due to natural disasters have been designated as Natural Disaster Risk Reduction Districts (NDRRD). Residents close to these districts have expressed concern about their negative effects on property values, making it hard to designate the districts, while some argue that restoration projects in the districts may generate positive effects on property values. Therefore, this study analyzed the effects of the districts and their restoration projects on the sales prices of apartments in the areas surrounding them. The Flood Risk District of Hangang-ro in Yongsan and the Collapse-Risk District of the Umyeonsan area in Seocho were selected as case-study areas. Hedonic price models were employed using dummy variables of sales years and buffers extending 1,500 m from districts and their interaction terms as independent variables. The results show that the effects of NDRRD are different within different buffer zones. In particular, the NDRRD have negative effects on sales prices immediately after designation, and their restoration projects reduce their negative effects. The results may provide policy implications for the designation of NDRRDs and removal of the designation, enhancement of the effectiveness of restoration projects, and operation of the district management system.