Impacts of Coastal Accessibility on Housing Prices

This study aims to empirically analyze the impact of coastal accessibility on housing prices in the Ulleung Island housing market with particular focus on the interaction effects between the Ulleung Airport and coastal accessibility. Applying the hedonic price model, this study utilized actual transaction data of single-family housing in Ulleung Island from 2015, when the Ulleung Airport construction plan was announced, to 2023. The results revealed that coastal accessibility had the most significant influence on housing prices, followed by airport accessibility, land areas, land slopes and housing areas. One of the most notable findings was the statistically significant interaction effect between coastal and airport accessibility. The impact of coastal proximity on housing prices was stronger as the distance to Ulleung Airport decreased, while the interaction effect disappeared for housing located at the district more than 8 kms from the airport. This study is expected to contribute to a deeper understanding of the characteristics of the housing market on Ulleung Island and serve as a valuable pioneer for real estate markets and spatial development plans.