가로주택정비사업이 인근 연립·다세대 가격에 미치는 영향 - 서울시 관악구와 부천시 오정구 비교 중심으로

The impact of housing improvement project in a city block on prices of nearby row and multi-housing : A Comparative Study of Gwanak-gu, Seoul and Ojeong-gu, Bucheon

ulti-family housing markets, using it as a basis to evaluate future small-scale housing improvement projects. The sample includes housing within a 300-meter radius and between 300 to 600 meters outside the affected areas, based on projects completed in Gwanak-gu, Seoul, and Ojeong-gu, Bucheon. The analysis employs a difference-in-differences (DID) approach using the hedonic price model. The results show that the project had no significant impact on the sales markets for row and multi-family houses in both regions, with varying effects in magnitude. However, the lease market experienced a negative impact in both areas. These differences are attributed to variations in residential environments, levels of underdevelopment, and regional characteristics. Ojeong-gu, compared to Gwanak-gu, exhibited a greater improvement in residential environments due to the alley housing improvement project. Since the project is a small-scale residential support initiative, it does not generate significant economic value-added. However, in the rental market, where housing utility is prioritized, the project aligns with its intended goals. This study provides empirical evidence on the impact of city block housing improvement projects on sales and lease prices of row and multi-family houses in Seoul and Gyeonggi, offering significant insights for future interpretations.