earticle

영어

This study analyzed the dynamic impact of housing prices along the GTX-A Line (Unjeong Jungang–Seoul Station segment), segmented across key project milestones: the preliminary feasibility study (PFS) approval, the commencement of construction, and the commencement of operation (opening). The analysis employed a hedonic price model and a Difference-in-Differences (DID) model. The analysis revealed that the housing price premium in the primary station areas progressively intensified as the project advanced. Additional price increases were observed at approximately 11.6% after PFS approval, 17.5% after the commencement of construction, and 33.4% following the commencement of operation. This suggests that the actual accessibility improvement effect at the time of opening had a significantly greater impact than the initial expectations embedded in prices. These results underscore the need for differentiated market management strategies tailored to the specific feasibility review, construction, and operation phases, given the varying impacts on the housing market at each stage. However, the study has methodological limitations: the hedonic price model, by its nature, solely uses observable variables, making it challenging to fully control for unobservable factors and market response lags.