초고층 건물의 조망 차폐가 주택 가격에 미치는 영향 분석: 부산 엘시티 사례 = The Impact of View Obstruction by High-Rise Buildings on Housing Prices: Evidence from the LCT Complex in Busan, South Korea

다국어 초록 (Multilingual Abstract)

Urban views are increasingly recognized as significant non-market amenities in real estate markets.
However, the rapid expansion of high-rise developments threatens these visual assets, raising concerns regarding spatial equity, skyline transformation, and the potential commodification of public visual commons. This study examines the economic implications of view obstruction caused by high-rise buildings, focusing on the LCT complex in Busan, South Korea, developed under relaxed zoning regulations. Using a hedonic pricing framework,the study empirically estimates: (1) the capitalization of view amenities in housing prices; (2) the negative price effects associated with view obstruction by the LCT; and (3) the spatial distribution of this impact, specifically its distance-decay pattern. The results indicate that view obstruction is significantly associated with lower housing prices, suggesting that visual blockage is internalized as a negative price premium in surrounding residential ar eas. Moreover, the magnitude of this effect diminishes with increasing distance from the complex. These findings provide policy-relevant insights for high-density coastal cities, highlighting the importance of incorporating quan titative visual impact assessments into zoning and development control processes. By quantifying the non-market value of views alongside the economic costs of obstruction, this study contributes empirical evidence to support more proactive urban growth management.