Influence of educational and cultural facilities on apartment prices by size in Seoul: do residents’ preferred facilities influence the housing market?

Abstract

This study uses spatial regression to assess the value of educational and cultural facilities as reflected in apartment prices in Seoul, at district and subdistrict levels. In the district-level analysis, regardless of the spatial unit and apartment size, private academies, museums, or art museums positively influence price, while historical sites and park areas negatively influence it. At the subdistrict level, effects differ by apartment size. The study finds that merely providing housing is insufficient for the success of housing policies. Instead, fulfilling residents’ needs and preferences regarding public facilities, especially according to their life stage and thereby contributing to housing policies, will help develop desirable living environments for all.