수도권 신도시 내 도시철도 개통에 따른 주택가격 변화*

Abstract

The purpose of this study was to examine the effect of the opening of a new route for urban railway on the changes of housing prices in new cities in the Seoul Metropolitan area. The empirical analysis was targeted on Gwanggyo New Town, where the Shinbundang Line was opened in 2016. The difference-in-differences method was used on the basis of actual market prices for about 4,800 units of apartments in Gwanggyo New Town for three years around the opening of the Shinbundang line. The empirical analysis demonstrated that the opening of the Shinbundang line increased apartment prices up to 12.7% within 600 meters of a subway station by walking distance. Price effects turned out to be more evident two years after the opening of a new route for urban railway and showed a pattern that was stronger in the mid- to long-term than in the short-term. The study also showed that the estimation of price effects turned out to be more significant results such as clear distance attenuation on a spatial pattern when walking distance was used instead of straight line distance on the map. In addition, the application of difference-in-differences analysis tended to decrease the risk of distorting the estimation of the effects for accessibility improvement than the cross-sectional analysis that did not take into account the trend of housing prices.