경전철 건설 사업단계 및 역세권 특성이 주변지역 아파트 매매가격에 미치는 영향에 관한 연구 : 우이-신설 경전철을 중심으로

Abstract

This study analyzes the impact of the Ui-Sinseol Light Rail construction on the sales prices of apartments surrounding light rail stations. Two issues are empirically examined; price effects of light rail construction stages, and the effect of characteristics of light rail station areas on apartment sales prices. Estimation results revealed that the price effect was the highest, when the light rail investment project was officially approved, and the ground-breaking event was held. This construction stage considers the light rail construction as a fait accompli., thereby substantially reducing uncertainty involved in the future construction process. Conversely, the increase in the sales prices of apartments at the final stage of construction, that is opening of a light rail, was not high because much of the price premium was already reflected, during prior construction stages. Regarding the price effects of the characteristics of a light rail station area, it was revealed that the higher the development volume of a station area, sales prices of apartments surrounding the station were higher. It was also revealed that the more a station area was developed for non-residential use, sales prices of apartments were additionally higher. This finding implies that while external costs and external benefits are associated with the development of a station area for the non-residential use, external benefits outweighed external costs in the case of the Ui-Sinseol Light Rail station areas.