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When and where do we see the proximity effect of a new park? –A case study of the Dream Forest in Seoul, Korea

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  • Heeyeun Yoon

Abstract

This study aimed to unpack the dynamic proximity effects of a park on residential values in the urban regeneration context: first by the development phase of the park, and second, by specific characteristics of the residential units. The study site is the Dream Forest in Seoul, South Korea, and the study period is from 2006 to 2015. The two-fold multilevel regression analysis suggests that the Dream Forest began exerting proximity effects from the time of site acquisition by the city, which peaked at a 3.7% price increment per 100-meter distance to the park from a prototypical housing unit, soon after the public announcement of the park procurement plan. During construction, inauguration and stabilization, the effect has remained at around 3.0%. The analysis also suggests that the proximity effect applies unevenly to housing units: apartment type or older housing units are more sensitive to the externality effects than their counterparts – multifamily type or newer housing units.

Suggested Citation

  • Heeyeun Yoon, 2018. "When and where do we see the proximity effect of a new park? –A case study of the Dream Forest in Seoul, Korea," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 61(7), pages 1113-1136, June.
    • Handle: RePEc:taf:jenpmg:v:61:y:2018:i:7:p:1113-1136
    DOI: 10.1080/09640568.2017.1334634
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    Cited by:

    1. Yoon, Heeyeun, 2018. "Interrelationships between retail clusters in different hierarchies, land value and property development: A panel VAR approach," Land Use Policy, Elsevier, vol. 78(C), pages 245-257.
    2. Dongkwan Lee & Choongik Choi, 2021. "An Analysis of the Effects of Development-Restricted Areas on Land Price Using Spatial Analysis," Land, MDPI, vol. 10(6), pages 1-21, June.
    3. Xinxing Yang & Qiang Ye & You Peng & Shaobo Liu & Tao Feng, 2024. "Effects of Urban Parks on Housing Prices in the Post-COVID-19 Pandemic Era in China," Land, MDPI, vol. 13(4), pages 1-17, April.
    4. Yunwon Choi & Heeyeun Yoon, 2020. "Do the Walkability and Urban Leisure Amenities of Neighborhoods Affect the Body Mass Index of Individuals? Based on a Case Study in Seoul, South Korea," IJERPH, MDPI, vol. 17(6), pages 1-20, March.
    5. Eunah Jung & Heeyeun Yoon, 2018. "Is Flood Risk Capitalized into Real Estate Market Value? A Mahalanobis-Metric Matching Approach to the Housing Market in Gyeonggi, South Korea," Sustainability, MDPI, vol. 10(11), pages 1-17, November.
    6. Linlin Zhang & Tao Zhou & Chao Mao, 2019. "Does the Difference in Urban Public Facility Allocation Cause Spatial Inequality in Housing Prices? Evidence from Chongqing, China," Sustainability, MDPI, vol. 11(21), pages 1-20, November.

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