도시철도 개통이 주택가격에 미치는 영향

The Effects of Public Transit on Housing Prices : Focused on UI Light Rail Transit

The objective of this study is to analyze the effects of light rail transit on the local real estate market. This study focuses on the “UI Light Rail Transit”, which was recently operated. This study employed hedonic regression models with real housing prices and land prices data. Based on the previous studies, several independent variables are selected and applied to the analysis. In general, spatial impact of light rail transit is limited within 500m or sometimes 1km. Hence, This study attempts to compare the effects of light rail transit on real estate market between these two areas. Empirical results show that the effects of “UI Light Rail Transit” on housing prices are significant within 500m areas, but not within 500m~1km areas. Moreover, there is no significant relationship between “UI Light Rail Transit” and land prices within 500m areas as well as 500m~1km areas. Findings suggest that light rail transit development affects local real estate markets, but the impacts are not the same between housing markets and land markets. Therefore, developers and policy makers are necessary to carefully consider the impact of light rail development projects on real estate market before they set up their plan. In addition, they need to evaluate the effects of light rail transit project on local real estate market at the different development stages, which can be a future research agenda.