The Impact of Pedestrian Safety on Apartment Prices

There has been a growing interest in pedestrian-friendly environments for residential conditions. Pedestrian safety is one of the most important factors in creating a pedestrian-friendly environment. However, studies identifying the relationship between pedestrian safety and housing prices are insufficient in light of the importance of pedestrian safety. Accordingly, this study used the spatial hedonic model to empirically analyze the relationship between pedestrian collisions and apartment sales prices from 2018 to 2022 in Seoul and to confirm the relationship between pedestrian safety and housing prices. The analysis revealed that as the total number of collisions within a 400m radius of a pertinent apartment increased, housing prices decreased. which means that people generally prefer houses with pedestrian-friendly environments. Additionally, this study identified that the relationship between pedestrian collisions and housing prices depended on the severity of collisions. As a result, when the number of minor collisions rose, housing prices fell. Therefore, it is necessary to identify areas where minor accidents occur frequently and to establish policies for reducing collisions in accident-prone areas.