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영어

The purpose of this study is to identify the impact of park and golf course views on the price of neighboring apartments. Although parks and golf courses are similar in terms of their artificiality and green views, they tend to be different in the characteristics of goods and services they provide. To accomplish the purpose of our research, we extract samples from 788 apartments with and without views of parks and golf courses in Bundang, Yoingin and Suwon areas. Then the unit area prices are compared to analyze the value of views for parks and golf courses, respectively. We also conduct regression analyses with five separate models. The findings from the regression analyses can be stated as follows: First, the views of golf courses and parks have significant impact on the sales prices of nearby apartments. Second, an apartment with a park view is likely to be more expensive than an apartment without the view, whereas no meaningful results can be identified in case of golf course view. However, the impact of golf course view on the surrounding apartments is likely to be significant in the same housing sub-market as the location of park. Third, in case of view characteristics variables, it is identified that the wider the degree of the view the higher the price of apartment. However, there is no statistically significant relationship between the access to parks and golf courses and the prices of nearby apartments. The result of this study is expected to contribute not only to providing residential complex with better views near parks and golf courses, but also to securing a local tax base for the value of views.