An effect study of urban infrastructure on real estate price Focused on preferred and non - preferred facilities in Daejeon metropolitan city -

This study analyzed the impact of preferred and non-preferred urban infrastructure on housing prices. The spatial scope of the study focused on Daejeon Metropolitan City, dividing it into the old downtown area (Daedeok-gu, Dong-gu, Jung-gu) and the new downtown area (Seo-gu, Yuseong-gu). The temporal scope spanned from 2021 to 2023. An empirical analysis was conducted using a double-log hedonic pricing model. The results of the empirical analysis indicated that, overall, in Daejeon Metropolitan City, the old downtown, and the new downtown, apartment characteristics such as unit size, parking spaces, floor level, and the number of households positively influenced apartment sales prices, while the number of years since construction had a negative effect. Among educational facilities, closer proximity to elementary and high schools and major cram school districts positively affected apartment prices, as did an increase in the number of general academic academies. Conversely, greater distance from middle schools was associated with higher prices. Proximity to subway stations, department stores, and large supermarkets, along with an increase in the number of convenience stores, also contributed to higher apartment prices. However, an increase in the number of hospitals negatively impacted prices. Furthermore, closer proximity to railway facilities and highways, and greater distance from substations, waste incineration plants, and resource recycling centers, correlated with higher apartment prices. The study found that the influence of urban infrastructure on the housing market differed significantly between the old and new downtown areas.