임야가격의 결정요인에 관한 연구

A Study on the Price Determinants of Forest Land

This study investigates price determinants of forest lands in Gyeonggi-do. For empirical research, this study analyzes 8,489 sales cases collected from KAIS by using Hedonic Price Model. The main empirical results are as follows. First, this study confirms that the price of forest land is affected by the regional characteristics such as the region where the land is located, the proportion of residential area and GRDP per capita. The prices of forest lands are different according to degree of urbanization and economic development in the region. Second, this study shows that there is a difference in the price of forest land due to the land use and regulatory characteristics. The land use and regulatory characteristics such as the land use zoning and whether it is conservation area for mountain, conservation area for nature, or factory establishment restriction area, have impacts on the price. Third, this study discovers that the locational characteristics such as proximity to Seoul, accessibility to railway station and intra-region bus station, and distance to national or local roads, have effects on the price of forest land. Fourth, this study finds that the price of forest land is influenced by land characteristics such as land size, land shape, land direction, land elevation, land slope, and whether it has a road connection.