This study aims to elucidate the causal relationship between apartment sale prices and the density of private education academies in South Korea. Data from the Ministry of Land, Infrastructure, and Transport on actual apartment transaction prices (pri...
This study aims to elucidate the causal relationship between apartment sale prices and the density of private education academies in South Korea. Data from the Ministry of Land, Infrastructure, and Transport on actual apartment transaction prices (price per square meter) and private academy information from the Korea Real Estate Board were utilized. The focus area is Suseong District in Daegu, known for its high educational fervor and dense private education environment. The study period spans from January 1, 2022, to December 31, 2022, capturing a stabilized real estate market post-COVID-19. Unlike previous studies that used simple linear distances, this study emphasizes the density of private academies to measure accessibility to private education environments. An Ordinary Least Squares (OLS) regression analysis was conducted to evaluate the validity and explanatory power of the independent variables affecting apartment sale prices. The results showed that density values had higher explanatory power than simple distances. Additionally, factors such as the year of construction, the highest floor number, proximity to supermarkets and parks, and the number of middle and high schools within a certain radius of apartment complexes were found to significantly influence apartment prices. Given the significant spatial clustering observed in the dependent variable and residuals, spatial regression models (Spatial Error Model and Spatial Lag Model) were employed. The results confirmed that the private education environment significantly influences changes in apartment sale prices. The study suggests that future real estate policies should consider the educational environment and the density of private academies as influential factors in apartment price movements.