Abstract
This study examines the effect of the Songdo International School on apartment sales prices in surrounding area during the downturn of the housing economy. It also compares the result with its effect in stable period of housing economy in surrounding area. The variables affecting the housing sales prices at the time of analysis are considered and the conventional hedonic price modeling is applied. As a result, the accessibility of the international school has a positive effect on the apartment sales prices regardless of housing market conditions. The effect of the accessibility of the international school is greater during the stable period than during the downturn period of housing economy. In addition, the effect of population inflow due to the international school is estimated as the result of the increase in the population of Songdo new town area and the increase in the proportion of the local population in Yeonsu-gu.
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