Park Accessibility Impacts Housing Prices in Seoul

Abstract

Housing prices are determined by a variety of factors, including the features of the building and the neighborhood environment, and a potential buyer decides to buy a house after reviewing these factors and concluding that it is worth the price. We used Hedonic Price Methods to find the relationship between monetary value of house and access conditions to urban parks. Two meaningful results were discovered in this study: first, as the distance from the park increases, the value of the park inherent in the housing price decreases; second, the greater walking accessibility, to the park, the higher the park value inherent in housing prices. Despite presenting shorter distances to walk and more entrances, poorly accessible zones were deemed as such due to the necessity of crossing an arterial road. This indicates that the results can define accessibility not as the Euclidian distance but as the shortest walking distance while considering crossroads and park entrances. The results of this study have significant implications for urban park economic impact analyses in Seoul. Also, the increase in housing prices closer to parks supports the idea that access is dependent on the residents' socioeconomic status. Lastly, the results of this study can improve walking accessibility to the park.

The Effect of Sustainable Urban Planning and Slum Disamenity on The Value of Neighboring Residential Property: Application of The Hedonic Pricing Model in Rent Price Appraisal

“…Previous studies evidenced that neighborhood disamenity, like highvoltage transmission sites [22], remediation sites [23], incineration sites [24], hazardous industrial sites [25], landfill sites [26] and nearby urban villages [27], has an adverse impact on property values. On the other hand, amenities, like parks [28][29][30], public green places [31], professional sports facilities [32] and transportation facilities [33], positively affect nearby property values (See Figure 2). This study focuses explicitly on examining the externality effects of slum settlements on surrounding residential property values in Islamabad.…”

A Survey of Multiple Interactions Between Plants and the Urban Environment

“…k Dobbs et al (2011), Lyytimäki and Sipilä (2009), Potgieter (2019), Shackleton et al (2015), von Döhren and Haase (2019). l Bradshaw et al (2016), Diamond and Ross (2019), Paap et al (2017), Pautasso et al (2015), and Postigo et al (2017). m Blicharska and Mikusinski (2014), Caneva et al (2009), Cariñanos et al (2018), Dobbs et al (2014), Lyytimäki and Sipilä (2009), Maruthaveeran and Konijnendijk van den Bosch (2014), Potgieter (2019), Shackleton et al (2015), Stefanizzi and Verdolini (2019), and von Döhren and Haase (2019).…”

“…The urban green landscape is often the first contact point for exotic pests accidentally introduced when planting exotic trees in urban areas. Once established in urban environments, dispersal of introduced pests can proceed to natural forest landscapes or planted forests (Pautasso et al, 2015;Bradshaw et al, 2016;Paap et al, 2017;Potgieter, 2019). Moreover, plants in cities become friendly environment for exotic animals, particularly birds, like parrots, which easily breed in urban tree cavities, or monk parakeets, whose populations are present and are growing exponentially in the Mediterranean cities (Postigo et al, 2017;Diamond and Ross, 2019).…”

Special Issue: “Maintaining Ecosystem Services to Support Urban Needs”

“…The results of the study have significant implications for analyses of the economic impact of urban parks in Seoul and can improve walking accessibility to the parks. They found, first, that, as the distance from the park increases, the value of the park inherent in the housing price decreases, and second, that the more accessible the park is by walking, the higher the park value inherent in housing prices is [19].…”

“…Park et al [19] applied this approach in Seoul, the capital of South Korea. The results of the study have significant implications for analyses of the economic impact of urban parks in Seoul and can improve walking accessibility to the parks.…”