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Hedonic Study of Apartment Prices: A Case Study of Bundang New Town
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아파트 특성이 가격에 미치는 효과 : 분당 신도시를 대상으로

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Type
Academic journal
Author
Journal
Korea Research Institute For Human Settlements The Korea Spatial Planning Review WN.34 KCI Accredited Journals
Published
2002.9
Pages
113 - 127 (15page)

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Hedonic Study of Apartment Prices: A Case Study of Bundang New Town
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Abstract· Keywords

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This study is designed to examine the impact of various attributes of apartments on sale prices and is expected to provide information useful for builder's rational price strategy.
The samples are chosen from more than 16 thousand households living in 77 private apartment estates located at the wide area of Bundang New Town. The attributes of apartment examined in this study are classified into three groups: attributes of household, attributes of estate, and attributes of location.
Seven attributes of household, such as size, orientation, floor, view, feeling of openness are examined. Five attributes of estate, such as floor area ratio and plottate are examined. In addition, nine attributes of location, such as nearness to power plant or subway station are also examined. We have chosen as estimate model the hedonic price function which has proven to be quite appropriate for the analysis of price components. In the model, all the non dummy variables such as the price, size or floor area ratio transformed into log values.
In this study the ordinary regression model is used for estimation. We have examined 4,014 apartments located in Bundang New Town. The data on prices are provided by Kachi Line Ltd. and they are the prices demanded by the owner and dated 28th of August 1999.
The results of hedonic regression analysis where the log value of price is the dependent variable, appear to be quite significant not only in terms of the statical reliability but also their implications. The attributes of apartment selected as a group explain as much as 95.8% of the variation in apartment price. The reliability of each factor seems quite acceptable. Almost all the factors do have t-values high enough for being significant at less than 5% level. Moreover, all factors carry expected signs.
Some interesting implications of the results are as follows. If the size of parking lot or balcony doubles, the price increases by 6.4% or 7.2%. And if the floor area ratio doubles, the price decreases by 4.0% and if the plottage doubles the price increases by 1.0%. In addition, the average price of apartments located within one kilometer radius from a subway station is higher by 2.5% than that located without. And the average price of apartments located within one kilometer radius from the power plant in Jangan-Dong is lower by 12.2% than that located without.
#단지특성 #선발방식 #세대특성 #입지특성 #헤도닉가격함수 #Attribute of Estate #Attribute of Household #Attribute of Location #Hedonic Price Function #Screening Method

Contents

Ⅰ. 서론
Ⅱ. 헤도닉가격함수
Ⅲ. 조사대상 아파트, 아파트 특성 및 표본추출
Ⅳ. 추정결과 및 해석
Ⅴ. 결론
참고문헌
ABSTRACT

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