This study analyzed the factors affecting the sales price of neighborhood facilities lots in the residential land development district. The commercial land market is segmented according to its various use, and neighborhood facilities lot has some char...
This study analyzed the factors affecting the sales price of neighborhood facilities lots in the residential land development district. The commercial land market is segmented according to its various use, and neighborhood facilities lot has some characteristics that are distinguished from other commercial lands. For this study, data on the sales of neighborhood facilities lots in the residential land development district conducted by Korea Land and Housing Corporation were collected mainly in Incheon and Gyeonggi Province, and the hedonic price model was applied for analysis. Using the log-transformed sales price per unit area as a dependent variable, the influence of development district factors, location factors, individual lot factors, development type factors, and other factors on the sales price was analyzed. We find that the development district size, the ratio of rental apartment units, the ratio of commercial land area, the distances to the subway station, the schools, and the surrounding apartment complexes, the number of commercial lots in the block, lot area size, width of the adjoining street, the number of the adjoining streets, expected use date, and apartment price index are essential factors. These findings will help suppliers and consumers make reasonable decisions in the segmented commercial land market.