An Analysis of Housing Price Characteristics in Areas Approved and Announced for Management Planning in Seoul’s Moa-Town

This study analyzed row and multi housing prices in Moa-Town (Small-Scale Housing Improvement Management Areas) in Seoul, where the Small-Scale Housing Improvement Management Plan has been approved and announced. The dependent variable was the transaction price per unit area, while the independent variables included the characteristics of the Small-Scale Housing Improvement Project Area, land and building attributes, locational characteristics, and transaction timing. 6,061 cases in transactions for row and multi housings on 25 Moa-Towns were used for this study. The analysis showed that the increase in the size of the management area and the proportion of old or defective buildings in areas with the approved Small-Scale Housing Improvement Management Plan had a negative impact on transaction prices. Conversely, the increase in the supply ratios of rental housings and roads in the plan had a positive effect on the prices. In addition, land areas, building ages, and outdoor parking lots had a negative affect on the prices, while elevators and higher floors had a positive relationship with the prices. Among location characteristics, increased distances to elementary schools, emergency medical facilities and subway stations were negatively related to the prices. The analysis pointed out that the price increase significantly accelerated from 2018, with the prices skyrocketing in 2021 and 2022. This study focused on the Moa-Towns in Seoul, where the Small-Scale Housing Improvement Management Plan has been approved and announced and differentiated itself from previous studies by empirically analyzing the determinants of row and multi housing prices. Finally, the generalized results from the sites where the management plan has been approved are expected to serve as foundational data for policy development.