초록
In order to account for a price variation of apartment that places near a newly constructed subway station, a spatial hedonic model was developed to examine spacial characteristics that affect a purchasing price of an apartment using a White Estimator. In particular, the paper aims to examine various effects of subway 7 construction on an apartment price in Seoul Metropolitan Area. As explanatory variables, an apartment size, distance to a closest subway station, distance to the Central Business District (CBD) of Seoul, the number of years after building, and a lagged variable of the apartment purchasing price were used. The lagged variable plays a role of representing a spatial weighted average of previous prices of other apartments that locate within 3 km from the apartment. For a precise study, an entire sample was divided into two sets, southern area and southwestern area of Seoul, and two different spatial hedonic models were estimated. Not only before and after analysis, but also with and without analysis were conducted to compare with different effects of the spatial characteristics of two areas. The results show that before the construction of the subway 7, the prices of the apartments in the southern area were more sensitive to the apartment size, the distance to a closest subway station, the distance to the CBD, and the prices of the other apartments locating within 3km rather than those in the southwestern area. After the construction, on contrast, it is found that the apartment purchasing prices in the southwestern area are more sensitive than those in the southern area due to people's expectation regarding a new development around the subway station. In addition, the prices of the apartments locating closely with a transfer station are more likely to go up by increase in the apartment size, the distance to the station, and the prices of the other apartments within 3 km. Compared with the negative effects of the distance to the station on the prices in the other models, the positive effect of the distance to the transfer station might be caused by the characteristics of commercial area in which people are not likely to live.