The main objective of this research is to find out the effect of Floor Area Ratio(FAR) on the apartment prices of urban renewal project. We constructed hedonic price function, FAR reveals a significant and negative effect on the apartment prices and 1...
The main objective of this research is to find out the effect of Floor Area Ratio(FAR) on the apartment prices of urban renewal project. We constructed hedonic price function, FAR reveals a significant and negative effect on the apartment prices and 10% increase of FAR has a 1.5% decrease of that price. In terms of environment and FAR sample apartments can be divided by four groups. The first group that is located at right opper corner of X-Y reveals 2.1% increase of apartment value while the third group shows the lowest value of -0.3% change. This differnence widen by 2 times in terms of pyung in detail. This results suggests that more cautious planning require in the decision of FAR ratio when developer determine their volume of project.