Abstract

This study empirically analyzed the impact of the announcement of the 1st new town redevelopmentplan on the price of apartments subject to redevelopment in Ilsan New Town. The actual transaction ofapartments over 30 years ago was turned into data, and a trend analysis and multiple regression analysiswere conducted. First, the transaction volume of Ilsan New Town is similar to that of the entire city of Goyang, but theactual transaction price is higher than the average of the entire city of Goyang. It seems that thelocation conditions, such as the subway station, are relatively good, and there are expectations forreorganization. Second, as a result of multiple regression analysis, the variables that have a positive (+) effect on theapartment price are the number of households, exclusive area, number of floors, and distance to thesubway station. Consistent with previous studies, it was found that the closer the apartment is, the moreit has a positive effect on the apartment price. The results of this study suggest that the announcement of the 1st phase of new town reorganizationis not a continuous factor influencing apartment sales prices in the Ilsan area, but appears to have beenreflected in housing price fluctuations as a short-term shock. It is presumed to be the reason for thecalm of anxiety and the return to wait-and-see attitude.

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