The improvement project can lead to an increase in local housing prices in that it improves the physical environment of the target housing and surrounding areas. Since the implementation of large-scale improvement projects has a large impact on surrou...
The improvement project can lead to an increase in local housing prices in that it improves the physical environment of the target housing and surrounding areas. Since the implementation of large-scale improvement projects has a large impact on surrounding housing prices, it is necessary to prove whether the ripple effect of the project on the housing market varies depending on the improvement type. Therefore, this study empirically analyzed the impact on the neighborhood housing market in terms of price by distinguishing the development types and characteristics of the improvement project. The analysis results are as follows. First, it has been confirmed that the characteristics of houses and complexes affect housing prices, similarly to previous studies. Second, redevelopment and reconstruction have been shown to have an upward effect on housing prices compared to small-scale improvement projects, but the development area of the adjacent improvement area itself does not have a significant impact on housing prices. This means that infrastructure improvement has the greatest impact on the local housing market, regardless of the size of the improvement project. Third, the closer the distance from the improvement project area, the higher the house price, but the lower the house price as the nearby improvement area increases. These results can be inferred that although improvement projects have a significant impact on local housing prices, prices fall due to local congestion caused by large-scale population inflows in the region as projects are concentrated in one region. In this study, it was confirmed that the improvement project had a great influence on the price of nearby houses, and these effects can be differentiated according to the type and characteristics of improvement project.