오픈스페이스와 토지 이용 규제가 주택가격에 미치는 영향 = Impacts of Open Space and Land Use Regulation on Housing Price

다국어 초록 (Multilingual Abstract)

Recent Korean government housing policies, in response to the rapid housing price increase in highly demanded residential areas, aim to suppress speculative demands.
However, the speculative demand is often caused by the limited housing supply in an area with favored local public goods such as high quality public education or open space.
Among the local public goods, the existence of open space affect housing prices through two different channels, housing demand and housing supply. In the demand side, the existence of open space increases the willingness to pay of households for the housing close to open spaces. In the supply side, open space limits the size of available lands for housing construction in and around open space. In addition, the existence of open space often justifies government interventions in the form of land use regulations to protect the open space or to prevent massive development of open space. The main purpose of this study is to understand the impact of open space and land use regulation on housing price.
To analyze the impact, we develop the simulation model of housing market in a city with one economic center. We compute average housing price changes with the changes in open spaces size, as well as the impact of land use regulation on housing prices that aims to prevents massive development of areas around open space. Simulation results show the relationship between housing price, open space and land use regulation. First, compared with a city without an open space, the average housing price of a city with open space is higher. The average housing price increases as the size of open space increase. In addition, when there exists land use regulation around open space that restricts the housing supply around open space, the average housing price increases. As restricted areas by the regulation increases, or the more restrictive the regulation is, the average housing price also increase more. We also found that housing price due to land use regulation around the open space varies by locations, which implies that the effect of land use regulation may be different depending on the different type of housing demand by location.

참고문헌 (Reference)

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