Relationship between street-connectivity and multi-family residential parcel values

This research aims to examine the effects of urban environmental factors on land values, comparing with two development projects (Bun-dang and Pyung-chon) in Korea. The primary interest of this research is to assess the performance of urban design characteristic which emphasizes the compact development and land use mix to improve residents’ accessibility to urban facilities. The analysis is conducted by measuring the relationships between the values of multi-family residential parcels and the access to transit and other uses (park, office, retail, and education uses) as well as their comparative location in the city. The proximities to five uses and subway stations are estimated using GIS program. Parcel level GIS data and land value data assessed in 1996 and 2003 are used to measure such relationship. The findings indicate that multi-family residential parcel values are significantly correlated to the proximity to education and park uses. The characteristics of street network are significantly related to the chronological change of multi-family residential parcel values as well. The direction of the relationships, however, varies by the condition of urban environmental factors.