[2019-07] Benefits of being close to the subway networks? Empirical evidences from South Korea
Ahn, Kwangwon Moon Soul Graduate School of Future Strategy, KAIST Jang, Hanwool Moon Soul Graduate School of Future Strategy, KAIST
Song, Yena Department of Geography, Chonnam National University
Abstract Subway networks are often developed in densely developed metropolitan areas that have enough potential passengers to merit a subway network. Once it has been constructed, it provides mobility to passengers and improves local accessibility to various destinations, inducing economic, social, and health impacts. This study aims to examine the economic impacts of subway networks in metropolitan areas among the various and wide effects that stem from the provision of transit networks. We examine the associations between actual transaction prices of condominiums and access to subway networks in four metropolitan areas in South Korea. Because condominiums make up the most dominant housing type in South Korea, they can be a good proxy for housing prices. In the modeling process, factors known to have a close relationship with housing prices are integrated along with accessibility to subway networks and to effectively deal with the spatial patterns, spatially lagged models are developed. Our results show that the expected positive effects exist in the majority of case metropolitan areas, with only one metropolis having a negative sign. Our findings can enhance our understanding of the economic effects of public transit systems in relatively small metropolitan areas with less complex subway systems. Keywords: subway, accessibility, economic benefit, condominium transaction prices, etropolitan areas
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