This paper is designed to measure the effects of waste facility on an apartment. A hedonic price method is applied to estimate those effects by using the appraisal prices of an apartment in Nowon-Gu, Seoul. We select some comparable apartments which a...
This paper is designed to measure the effects of waste facility on an apartment. A hedonic price method is applied to estimate those effects by using the appraisal prices of an apartment in Nowon-Gu, Seoul. We select some comparable apartments which are located around the waste facility. The results appear to be quite significant both in terms of the statistical reliability and their implications. All the factors have t-value high enough for being significant at less than 10% level. We find that the price of an apartment increases about 8.4 percent as the distance of waste facility increases from 300m to 400m. These results imply that there is a loss of the property values owing to the location of waste facility, the unwelcomed public facilities.