Effects of Educational and Cultural Facilities on Housing Prices in Seoul from an Accessibility Perspective

Background and objective: A great deal of previous research has highlighted the value of educational and cultural facilities embedded in housing prices, by taking a large spatial area as the focus, such as the city or district level. However, few studies have investigated the extent to which educational and cultural facilities influence the formation of housing prices from an accessibility perspective. This study aims to identify the value of educational and cultural facilities embedded in the housing prices in Seoul Metropolitan City with a focus on the concept of the residents’ neighbourhood and accessibility. Methods: To this end, this research used a spatial regression model with educational and cultural facilities as the independent variables and housing prices as the dependent variable. The model assessed the accessibility of cultural and educational facilities by considering geographic effects. Results: The findings are as follows. First, the spatial error model was found to be the best fit for multi-unit housing, while the spatial lag model was more appropriate for single-unit housing and apartments. Second, private educational facilities and art museums had positive effects on single- and multi-unit housing prices, while historical sites had a negative effect. Finally, private educational facilities positively influenced apartment prices, whereas public libraries and urban park areas had a negative effect. Conclusion: These findings indicate that the accessibility of educational and cultural facilities reflects residents’ preferences and needs, which will ultimately influence housing prices.