The Metropolitan subway is not just one way of transportation but it creates space and has a central role in life because of its area. Especially, subway these days aren't only inside the metropolis but spreads through the megalopolis influencing both...
The Metropolitan subway is not just one way of transportation but it creates space and has a central role in life because of its area. Especially, subway these days aren't only inside the metropolis but spreads through the megalopolis influencing both city's administration and construction. Therefore, residential and commercial place around subway station area is crowded. Social, economical, and administrative categories of subway area are expanding. Especially, within the economical category, there is an intimate relationship between the accessibility of subway area and real estate value.
The price-fixing of apartments is generally based on demand and supply. Since subway area is the influential factor of demand and supply, the value of it is greatly effected by its area.
For that reason, this research, based on existing research, studied the concept, range, and the establishment of subway area. Beginning with a close look at the influential factors to real estate value of apartments, a research on domestic experts on how do they perceive the subject on subway area, and few stations were chosen to investigate the relationship between the distance within the subway and the real estate value of land.
Except the highly condensed apartment areas in metro city and the area developed after the construction of a new subway station, the chosen area is where the stations are built where the residential and commercial area has already taken place beforehand, in order to find out the influence of subway station to the value of apartments near by.
Therefore, based on the line of Bundang through Hanti St., Gaepo-dong St., Daemosan St., and Imae St. were finally chosen as the targets. In conclusion, seventy-five housing complexes and two hundred and thirty variable were researched for three years on its real estate price alteration.
To settle down the relationship between the subway area and the value of apartments units based on the opening date of station, monthly research was performed and the change in price was successively established to show the alteration.
As a result, in the case of Hanti St., the decrease in price within 800m on foot was clearly displayed compare to six months ago and a year ago. The correlation appeared because of the distance and alteration.
Gaepo-dong St. and Daemosan St. have short distance between them and the two stations were opened about same time, hence the pattern of correlation wasn't easy to find but within 600m of each subway area had its relation of distance and alteration.
In the case of Imae St., farther the distance away from the station higher the price increased because of the other strong subway areas to north and south built beforehand.
In total, the subway station areas in Kangnam displayed the tendency to decrease in real estate value as the area escaped out of 600m within the subway area. The price alteration was likely to be influenced a year before the opening of the station. There isn't strong difference caused by distance three months before the opening date but, the value of apartments displayed the increase. Most of the areas where there are condensed apartment, and when the distance between the next station is short, it is mostly acknowledged as subway area.
The research on experts said that the range which influences the value of apartment and subway area are both 530m and 560m. It happened likely among all the target stations chosen but, it is not definite.
The relationship between the value of apartment and subway area depends on the regional characteristics, therefore, it is not easy to limit. It is hoped this research would be useful to the subway area development and be the basis for the upcoming development of apartment housing.