Impact of urban forests on housing prices in Nanjing

Liao Wang 서울시립대학교 국제도시과학대학원 2022 국내석사

This study conducts exploratory research on the impact of urban forests on housing prices to find out the relationship between housing prices and distance from the urban forest, so that to announce the value of urban forestry. The study takes Nanjing city as the case study, applies the hedonic prices method as the research guide, utilizes GIS technology as the tool to measure the distance, and the multiple linear regression method to explore the impact of urban forests on urban housing prices. During the study, all the residential areas (totally 125 units) in the south of Zhongshan scenic spot in Nanjing city within a 3km straight line distance from the mountain are chosen. The factors related to housing prices such as housing age, bus, subway, hospital, school, distance to CBD, and distance to the urban forest are considered. The result of the study shows that the effect of urban forests on housing prices is statistically significant. 1km far away from the urban forest, around 3375.80 Yuan/m2 will be lost. Thus, urban forests can bring obvious value and benefits to the city, so that to affect housing value and price. 본 연구는 도시숲이 주택가격에 미치는 영향에 대한 탐색적 연구를 통해 주택가격과 도시숲과의 거리 간 관계를 규명하고 도시임업의 가치를 알리고자 한다. 본 연구는 난징시를 사례 연구로 채택했고 헤도닉 가격방법(Hedonic Prices Method)을 연구 지침으로 적용했으며, 거리 측정 도구로 GIS 기술을 활용하고 도시숲이 도시 주택 가격에 미치는 영향을 파악하기 위해 다중 선형 회귀 방법을 사용했다. 연구가 진행되는 동안 산에서 직선거리 3km 이내 난징시 중산(Zhongshan) 경승지 남쪽에 위치한 모든 주거 지역(총 125개 주택)이 선택되었다. 주택연식, 버스, 지하철, 병원, 학교, 도심까지의 거리, 도시숲과의 거리 등 주택가격과 관련된 요인이 고려되었다. 연구 결과, 도시숲이 주택가격에 미치는 영향은 통계적으로 유의한 것으로 나타났다. 도시숲에서 1km 떨어진 곳의 경우, 약 3375.80 위안/m2가 손실되는 것으로 파악되었다. 따라서 도시숲은 도시에 명백한 가치와 이점을 가져다 줄 수 있으므로 주택 가치와 가격에 영향을 미칠 것으로 판단된다.

헤도닉가격접근법을 이용한 도시녹지 서비스의 경제적 가치 추정 : 전주시 아파트 단지를 사례로

김진옥 전북대학교 일반대학원 2017 국내박사

The purpose of this paper is to estimate the economic value of green space services provided by urban green space by applying hedonic price method based on the case of apartments in Jeonju city. As the type of urban green space, this research selected total 4 types of urban green space including the green space within apartment complex, besides mountain· forest, river· stream· lake, and city park for analysis. This research intended to measure unlimited convenience that apartment residents enjoy out of urban green service inside· outside apartment complex, without stopping at measurement of marginal value through the estimation of hedonic price function for the first time in urban green service field. In the process, this research systematically illuminated and analyzed the establishment of sample material, measurement of green service variable, selection of function form, verification of spatial dependency, and the matter of determination of demand curve, which had been discussed in previous researches. This research selected apartment complexes in Jeonju city sized over 300 houses as the analysis target, and established 2 sample data utilizing the survey data besides 2015 apartment real transaction price. Sample data of real transaction price utilized in analysis was based on 7,923 houses from 170 complexes, and the survey samples were 322 houses from 80 complexes. To presume hedonic price function, this research utilized distance, extent, attraction index, and view, etc. as the variables that represent the level of service of each urban green space. Before assumption of hedonic price function, as the result of comparing basic statistics value by dividing the two samples into two administrative areas, Deokjin-gu and Wansan-gu, a difference appeared in house market of the two administrative areas. Therefore, in respect of assumption of hedonic price function, real transaction price sample was departmentalized into two administrative areas, and the whole sample of Jeonju city was utilized for survey sample. As the result of investigating the assumption of hedonic price function, double-log function appeared proper for real transaction price sample in case of priority function form, while semi-log function for survey sample. As the result of analyzing spatial model due to existence of spatial dependency in both samples, spatial autoregressive model (SAR) appeared proper. When investigating the presumption result of variables, both of two samples coincided with the advanced research in respect of exclusive use space, physical characteristic of house such as level, characteristic of complex such as ground· underground parking lot, and neighborhood characteristic such as whether of existence of general hospital, etc. Both of two samples displayed affirmative (+) influence of the extent compared to distance between green area within the complex and city park on the apartment price. Also, in the survey sample, distance from the river· stream· lake negatively (-) influenced apartment price, while the view of river· stream· lake affirmatively (+) influenced apartment price. This research presumed convenience by assuming marginal willingness to pay function based on the subordinate value after deriving implicit price using green variables that significantly influenced apartment price statistically. As the result of measuring the convenience of each city green type using coefficient estimation of presumed payment intention function, in case of real transaction price sample, annual convenience per house on green service within the complex appeared 41,681won, while in case of survey sample, 72,623won. Annual convenience per house on the service provided by city park around the complex displayed 233,034won ~ 386,529won, in case of real transaction price sample, while survey sample 122,6904won ~ 240,029won, accordingly, convenience assumption result value appeared similar in the two samples. In respect of river· stream· lake, which significantly appeared statistically only in survey sample, annual convenience per house appeared 103,371won in case of view, and 111,972won in case of accessibility.

Valuation of olympic park and boramae park by using hedonic price method

박진한 서울대학교 대학원 2014 국내석사

The ecosystem provides individuals with a variety of benefits. Parks in particular provide a number of benefits, including recreational, leisure, and educational opportunities. Generally speaking, people are well aware of the value of the benefits that urban parks offer. This study estimates, through the use of hedonic price methods (HPM), the populace’s willingness to pay (WTP) for Olympic Park and Boramae Park in Seoul, South Korea. HPM constitute one type of valuation method for nonmarket goods. All else being equal, individuals generally prefer to live in a house located near a park; this preference is seen in the prices of apartment rentals and real estate. It makes sense, then, that this study would use an HPM model. The dataset used comprises real transaction prices from Sungnae-dong and Sindaebang-dong in 2012, and four function types are used. Variables were chosen after undertaking a literature review and expert interviews. The independent variables include square area of a household, the age of the building (i.e., year of completion), the floor of a household within a building, the number of households in an apartment complex, the distance to the nearest entrance of an elementary school, the distance to the nearest subway station, the distance to the nearest bus stop, whether or not there is a park view from a household, and the distance to the nearest park entrance. The results of regression analyses were as follows. When someone who lives in Sungnae-dong buys a house, the household’s WTP to be 1 m closer to Olympic Park is equal to 1% of the unit price. At the same time, this factor can be considered to have a monetary value: about 1,000 won (KRW) per 1 m closer in the log function regression, and about KRW 2,000 in the linear regression. For Boramae Park, residents who live in Sindaebang-dong assign a WTP value that equals 2% of the unit price of a home; that monetary value is about KRW 2,000 by log function regression and about KRW 3,500 by linear regression. The price of an apartment that has a view of Boramae Park can be as much as 9.5% higher than one that does not. In addition, this study determines mathematically the range of influence of park proximity on an apartment’s value. The value of is 212.42 m (semi-log function of Olympic Park), 337.17 m (log function of Olympic Park), 578.23 m (semi-log function of Boramae Park), and 900.35 m (log function of Boramae Park). These results indicate that the range of influence of Boramae Park is larger than that of Olympic Park. The monetary value of living within the vicinity of one of these two parks is not of significant size. The value is “set” by the users, and so the value of the park relates to accessibility. The study results indicate that Boramae Park is more valuable to those that live in its vicinity than Olympic Park is for its residents. The number of studies that work to quantify ecosystems and their valuations has been increasing worldwide in recent years, largely because the results of quantification and valuation are useful in creating policy that protects or preserves the ecosystem, and in creating parks. This study is about park, ecosystem, and ecosystem services valuation, and about the allocation of greenspace; it makes a significant contribution to the literature, in that its results bear implications with regard to the estimated value of these parks. These figures also allow for comparisons of the value ranges of the two parks.

空間的 影響을 考慮한 地價推定에 관한 硏究

서경천 부산대학교 2002 국내박사

헤도닉기법을 이용한 자동차산업 혁신구조 분석

변혜영 서울대학교 대학원 2004 국내석사

산림휴양편익에 자원특성이 미치는 영향

전정남 서울대학교 대학원 2008 국내석사

대형마트 폐점이 아파트 가격에 미치는 영향 : 부천시 홈플러스 중동점을 사례로

최영주 연세대학교 공학대학원 2024 국내석사

본 논문은 이중차분법을 활용한 헤도닉 모형을 통하여 부천시에 위치하였던 대형마트 홈플러스 중동점의 폐점이 주변 아파트 거래가격에 미친 영향에 대하여 연구하였다. 대형마트 혹은 기타 주민편의시설이 입점하는 경우 인접한 주택가격에 상승효과를 주었듯이 대형마트 폐점이 인접한 주택가격에 하락을 가져 올 것이라는 가정을 가지고 거리별, 시기별 차이를 두고 영향력을 비교분석하였다. 폐점한 대형마트와 인접한 아파트를 실험군으로 설정하고 실험군과 유사한 주거환경을 가진 정상 운영 중인 대형마트와 인접한 아파트를 대조군으로 설정하여 대형마트 폐점일을 기준으로 설정하여 변화량을 알아보았으며, 더 나아가 지속성에 대한 효과를 알아보기 위하여 대체개발 완료 전후로 시기를 구분하여 폐점 전의 주택가격과 변화량을 비교하였다. 대형마트 폐점에 의하여 인접한 아파트 750m 범위까지 부정적인 효과를 미침을 확인하였으며, 단기적으로는 500m 이내 범위보다 500m~750m 범위에서 부정적인 효과가 더 크나, 대체개발 완료 이후 500m~750m 범위에서 회복이 크게 나타나 500m 이내의 범위에서 장기적으로 부정적인 효과가 더 크고 영구적으로 지속될 수 있음을 확인하였다. This study investigates the impact of the closure of Homeplus Jungdong Branch, a large mart located located in Bucheon City, on the surrounding apartment prices using a hedonic model with a difference-in-differences approach. Assuming that the entry of large marts or other residential amenities tends to increase housing prices in neighboring areas, the study compares and analyzes the effects over different distances and periods. Under this assumption, the hypothesis is that the closure of a large mart will lead to a decline in housing prices in adjacent areas. The study set the apartments adjacent to the closed large mart as the experimental group and apartments adjacent to a similarly situated large mart in normal operation as the control group. By setting the closure date of the large mart as the reference point, the study examined the changes in apartment prices. Furthermore, to understand the long-term effects, the study compared housing prices and changes before the closure by distinguishing between periods before and after the completion of alternative development. It was confirmed that the closure of the large mart had a negative effect on apartments within a range of 750 meters. In the short term, the negative impact was observed to be greater in the range of 500 meters to 750 meters compared to within 500 meters. However, significant recovery was observed in the 500 meters to 750 meters range after alternative development was completed. It was also found that within 500 meters, the negative effects could be greater in the long term and could persist permanently.

부동산 가치에 영향을 미치는 3가지 환경 요인의 계량화 : 기피시설, 교통소음 그리고 열린 공간에 대한 노출

조윤진 경상국립대학교 대학원 2024 국내박사

The purposes of this thesis are largely divided into two parts. The first part, main one of this dissertation, aimed at quantifying the impacts on property values of one positive environmental factor(beautiful landscape views) and the two adverse environmental effects(traffic noises and disgust) of the exposures to the road traffics and avoidance facilities as monetary values. The second goal is to propose relevant policies or strategies that would prevent the decline in property values ​​by further improving these positive environmental factor and eliminating adverse environmental effects. Moving from developing countries in the early stages of industrialization to developed countries that have completed industrialization through the later stages of industrialization, efforts to keep the environment cleaner and lower levels of environmental pollution generally become increasingly focused. In developed countries such as the United States and Nordic countries like Norway, Sweden, and Finland, property values ​​tend to fall as the level of environmental pollution increases, so improving or cleaning-up environmental pollution has become a major policy. When adverse environmental effectiveness threaten human health and the ecosystems and damage property values, relevant stakeholders often find the polluter, file a lawsuit against the polluter, and hold them legally responsible for the damage. Korea went through industrialization and has now become an advanced country. In return for achieving an economic renaissance, various types of pollution, including soil and groundwater contaminations, river pollutions, and air pollutions, were left behind as a legacy. Koreans are increasingly aware of the adverse effects of environmental pollutions and are making increasingly intensive efforts to reduce them. Fear of potential or actual contaminations together with liability for that contaminations makes the property market reluctant to purchase contaminated properties, leading to a decline in the value of those properties. If the impaired values ​​of the contaminated properties are high enough to be unbearable, the sites become abandoned brownfields and the entire communities in which they are located are devastated. Conversely, properties with scenic views, such as natural streams, lakes, wetlands, or easy access to beautiful open spaces, such as parks and urban forests, are worth more than properties that do not. The reason why these property values ​​are higher is because people who want to breathe cleaner air, drink safer water, and live more comfortably are enthusiastic to establish a home in a place with a panoramic natural scenery. Although many researches were conducted on the impact of these negative and positive environmental factors on property values in Korea, most of them were focused on the properties in Seoul metropolitan area. Accordingly, there existed limitations for the application of the results into local areas other than Seoul metropolitan area to be more practical. Furthermore, since most of the national and international researches have been carried out focusing on single effect of environmental factor like bad smells or noises or aesthetically pleasing views, there also are limitations in applying the results especially when environmental factors cause a decline in property values together. The researches that were carried out to investigate the combined effects of negative and positive environmental factors on property values could not be found according to the author's article survey. In addition, research on the stigma effects that leads to reluctance to purchase in the market due to contamination potential or real is focused only on the contingent valuation method(CVM), and there is no research performed based on actual transaction prices. Therefore, this dissertation was performed with the main purpose of quantifying the impacts of various environmental factors on property values in monetary terms. Regionally, one apartment district consisting of 6 complexes located in Gyeongsangnam-do was the primary subject of study, and temporally, more than 300 actual transaction prices of the apartments over the past 10 years were used for the quantification of the three environmental factors which influenced apartments’ values. It was proved that there existed three environmental factor through site investigations: two negative factors and one positive factor. While two negative environmental factors were the exposure to noise from vehicles passing fast through the bypass road located on the outskirts of the district and the exposure to cattle barns located to the south outside the district, the positive environmental factor was the aesthetically pleasing view either to the natural forest/stream outside the district or to the parks within the district. The level of exposure to these three environmental factors varies for each of the dozens of apartment buildings in the district. The construction year, number of floors, and exclusive area of ​​each apartment building are almost similar, and two elementary schools, several parks, and one neighborhood living facility cluster that is lower than the height of the apartment building are located within the complex. Some of the apartment buildings are exposed to the park within the complex, and most of the apartment buildings face south, while some face east. Almost half of the apartment buildings were built by Company A and the other half by Company B. Prior to quantification of the joint impacts by these three environmental factors, the impact of single environmental factor on apartment prices was separately investigated in three different apartment complexes. These three apartment complexes are also located in Gyeongsangnam-do, and some of the apartment buildings in each complex were exposed to noise from road traffic, or to nimby (or avoidance) facilities (high voltage power substation or pig farm), or to natural river/mountainous forest. Since each complex contained apartment buildings with identical physical conditions such as number of floors, orientation, construction year/company, and exclusive area, it was appropriate to elucidate the actual effects of a single environmental factor on apartment values. Some of the apartment buildings in one of these complexes were exposed to both road traffic noise and a high voltage substation(a kind of nimby facilities). Furthermore, another study was also carried out to quantify the impact of pig farms on the actual transaction price of lands around them. In order to quantify the independent impact of pig farms, it had to be satisfied that there should be no other negative environmental factors such as traffic noise or other avoidance (or nimby) facilities. The researcher could not find the corresponding sites without these negative factors in Gyeongsangnam-do, as well as in other provinces except Jeju-do. Therefore, the actual transaction prices of the lands around 16 pig farms located in different positions of Jeju-do were analyzed based on the distance from each farm to determine the decline in value due to the presence of the pig farms. Although the facility sizes of the 16 farms were different, all farms were large enough to be subject to permits. The analyses results were expressed as a function of distance. While the actual transaction prices of lands around 14 pig farms increased linearly with distance, the actual transaction prices of lands around 2 pig farms showed stepwise increment. In other words, similar low actual transaction prices remained low up to a certain distance, and then started to increase linearly beyond the certain distance. The 16 slopes of these linear relationships were analyzed again as a function of pig farm facility size, and there existed, however, no clear correlations. The final part of the thesis is filled with policies and strategies to be suggested on how to strengthen or eliminate the positive or negative environmental factors that influence the decline or rise property values. The researcher focused on suggestions mainly about the urban developments in the ways that do not consume valuable open spaces such as grasslands, wetlands, forests, farmlands and working lands; about urban developments towards existing communities where public infrastructure such as roads, water supply sewage drainage systems, telecommunication/gas networks are all already existing; about various assessments and/or analyses tools that could contribute to resolving the negative impacts of developments and pollutions, and how the results or implementation of the tools would be reflected on property value evaluation processes. The results of the quantification could be summarized as follows: ● The results of analyzing the actual transaction price of land around pig farms in Jeju-do demonstrated that the price increased with the distance from the farms, but there could be found no meaningful clear correlation with the size of the farms. Considering that the level of bad smells generated from the pig farm becomes stronger with the facility sizes in general, the reason for the tendency of greater decline in land values ​​closer to pig farms is strongly believed to be due to psychological learning effect. This psychological effect indicates a natural phenomenon that property markets become to recognize through the accumulated experiences consecutively that the pig farms unexceptionally cause price drop of the land around them in any way and at any time that regardless of whether bad smell is generated or not, and this is generally referred to as a stigma effect. The effect of the stigma caused by the presence of pig farms could be quantified from the slopes of the linear relationship between the actual transaction prices and the distances to the pig farms. As the land moved one meter closer to the pig farm, the actual transaction prices were verified to decrease by 0.05 to 0.16%. For example, the original land priced at 200,000 Won/m2 may fall by 100 Won to 320 Won per meter when a pig farm is permitted to locate near the land irrespective of its scale, and thereby when the farm locates 400 meters away from the land, it means that the original price of the land could fall in the range of 40,000 ~ 128,000 Won. If it is located 100 meters closer, the price of the land falls further according to the distance. Therefore, officials who permit the location of pig farms should take these undesirable effects into consideration and be cautious in granting the permission. ● The impact of avoidance facilities (in this case pig farm clusters) on apartment prices was investigated through an example of actual transaction prices in ▣▣ district, ○○-si, Gyeongsangnam-do. Pig farms were a priori clustered in groups even before the apartment district was built, and they are still located today. Complaints due to bad smells from residents of this apartment complex, are continuously being received by the jurisdiction. This apartment complex was built by a private construction company, with landowners forming a housing association and owning part of the apartments in exchange for their owned lands, while selling the remaining apartments to the general public at market prices. Most of the lands provided for the construction of the apartment complex were previously farmlands, and the business is a kind of typical suburban development project. Bad smell levels depended on the seasons, weather conditions and time of day, and once detected, the smells were felt throughout the apartment complex. The apartment complexes located closest to this complex, with a mountain in between, seemed to be suitable for quantifying the impact of the smells on apartment values because they were outside the scope of the smells’ influence due to geographical conditions and wind directions. However, unfortunately, there existed too great differences in all physical factors such as construction company and year, exclusive area, floor area ratio, building-to-land ratio, internal structures, number of floors, directions to sunlight, transaction times, accessibility to public transits (especially light rail), distance to schools, traffic jam, and surrounding commercial areas, so an accurate comparative quantification could hardly be made. However, as the distance between the apartment buildings in the complex and the pig farm clusters increased, there could be seen a clear tendency for the prices of the apartment buildings to increase proportionally. For example, the actual transaction prices of apartment building units located about 300 meters away from the pig farm cluster fell by an average of 6.8% compared to the ones located further away. ● The impact of road traffic noise and nimby facility (high-voltage substation) on apartment prices was confirmed through analysis of actual transaction prices of an apartment complex in ☆☆ City, Gyeongsangnam-do. This apartment complex was built as part of an urban development project, and the individual apartment buildings in this complex are exposed to varying degrees to noise from vehicles traveling on the adjacent automobile-exclusive road, or have different distances from the adjacent high-voltage substation. By analyzing the actual transaction price of apartments according to the degree of the exposures, it was revealed that these negative environmental factors actually have an impact on apartment prices. In other words, the longer the distance from the motorway or the high-voltage substation, the higher the apartment price. This apartment complex was built consuming precious greenfield, and prior to the complex construction permission, not only a high-voltage substation already existed but also a high speed motorway was already determined to be constructed in near future adjacent to it. When a high-voltage substation, an essential infrastructure facilities for our daily life, is nearby, or when a large scale traffic road construction is included in city’s and town’s urban master or comprehensive plan, local governments need to be more careful about permitting apartment district plans. ● Through an analyses of the actual transaction price of another apartment complex in ☆☆ City, Gyeongsangnam-do, it was known that apartment prices rise when views to open spaces are secured. This apartment complex was built as part of an urban development project, and to the south of the complex are a nationally managed river known to harbor endangered species, a local stream managed by Gyeongsangnam-do, and an aesthetically pleasing mountainous forest. There are standing 14 apartment buildings laid out in 2 rows facing south, and each of the front row apartment buildings overlooks the beautiful open space that is a positive environmental factor. On the other hand, only some apartment buildings in the back row can partially view these open spaces. The complex has a long and spacious park landscaped with trees, shrubs and grasses on artificial ground between the front and back rows. Describing other words, the apartment buildings in the back row could view this park from living room. Due to the long and spacious park, there observed no detectable influence of sunlight inhibition derived from the apartment buildings in the front row. By comparing the actual transaction prices of the several pairs of two apartment buildings with the same areas and orientations but different views to open space, it was possible to prove that apartment prices changed depending on whether or not a view to open space is secured. More importantly, even though apartment buildings in the back row also have views of landscaped parks, they are worth less than apartment buildings in the front row that have views of natural open space, meaning that people are preferring natural open space rather than artificial ones. In addition to the results obtained by comparing and then analyzing several pairs of two apartment buildings, one located in the front row and the other in the back row, the monetary values of the beautiful natural scenery could also be quantified through another comparative analysis between the units within an apartment building in the back row. Some units within the apartment building have partial views of the beautiful natural landscape of the river, stream and/or mountainous forests, depending on the southwest or southeast direction. As expected, even though only a partial view was secured, the actual transaction prices of secured units could be seen to be significantly higher than those of unsecured ones, which provides a further clear evidence that people put high values on natural landscapes. Accordingly, city planners, policy makers as well as local government leaders should not forget the importance of nature, and must first identify the lands worth protecting or preserving. Then, the leaders and policy makers should come up with some implementable policies or strategies that could provide citizens with a variety of natural open spaces easily and equally accessible by them. ● Based on actual transaction prices in the △△ apartment district of ○○-si, Gyeongsangnam-do, the impacts of complex environmental factors (avoidance facility (cattle barns), road noise, open space openness) on apartment prices was investigated. The existence of the impactors on apartment prices were verified with comparative analysis method together with a hedonic price model. First of all it is essentially required for the successful comparative analyses between two apartment buildings in three pairs that each pair should be compared under the same or at least similar physical conditions such as transaction time, construction company, exclusive area, and orientation. Three pairs of apartment buildings (each pair satisfying such physical conditions equal or at least as similar as possible to each other) were selected reasonably suitable to extract the quantified impacts of the three environmental factors. One pair was used to analyze the effect of open space, and another one pair was used to analyze the impact of avoidance facility (a cattle barn). Both effects of the open space and the traffic noise were inherent in the last pair. By assuming that each of the three factor is independent to each other, the three factors could successfully be quantified through a comparative analysis of the actual transaction prices of three pairs of apartment buildings. The impact of cattle barns derived through the comparative analyses of two buildings in pairs was estimated to be -6.7%, the impact of road traffic noise to be -11.2%, the impact of open space to be +5.0%. Afterwards, based on actual transactions of 300 apartments in four complexes within the district, the impact of cattle barns, road traffic noise, and view to the open space were analyzed through a hedonic model. It was demonstrated that the monetary value of impact of cattle barns, road traffic noise, and view to open space were -170,437 won/m2, -195,141 won/m2, and 182,357 won/m2, respectively. The reason for the difference in the quantified values in the comparative analyses and hedonic model is believed probably due to the recognizing both the park within the apartment district and the southern natural mountain area and river outside the district as the same open space. The other reason might be found in fundamental and essential differences of the two methods inherent in comparative analysis and hedonic model. It might be taken for granted as a natural consequence that the hedonic model, which is based on multiple regression analysis in which the effects of seven independent physical variables in addition to three environmental factors were jointly estimated, differs from the values obtained from comparative analyses of two apartment building in pair having the other 7 physical situations equal. Therefore, it appears that future research should be conducted to analyze the impact of open space by further subdividing it into natural landscapes such as mountainous forests, rivers and artificial landscapes like neighborhood parks. In addition, rather than insisting on one method, it is necessary to employ at least two methods to quantify the impact of environmental factors on apartment prices. This study could darely be said to be meaningful in that it theoretically analyzed the joint impact of complex environmental factors on apartment prices. In addition, from a practical perspective, this study could also be said to be a step forward compared to previous studies in that by using external factors, building factors, and individual factors for apartment prices as mentioned in Article 11 of the “Apartment Housing Price Survey and Calculation Standards (Ministry of Land, Infrastructure and Transport Directive No. 753, September 1, 2016) review of price formation factors”, and in that it independently separated and quantified the impact of complex environmental factors on apartment prices. Taking another step further, in the future, in addition to the impact on apartment prices due to the exposures to avoidance facilities and road traffic noise, and openness to open space elucidated through this study, there is a need to not only expand nimby facilities to waste incinerators, sewage/wastewater treatment facilities, landfills, and power plants, but also expand pollution/contamination to local air pollution, surface water pollution, soil and ground water contamination, sunlight inhibition, light pollution, thermal pollution, dust/noise/vibration occurring at construction sites. And even adverse impacts on human health and ecosystem seem also to be included in future studies. As in this study which was based on the cases of Gyeongsangnam-do and Jeju-do, breaking away from the Seoul metropolitan area and building practical data on the impact of environmental factors on apartment prices in local provinces could be effective ways to solve environmental disputes which increase proportionally to the residents’ awareness of environmental factors. The reason why these could be solutions is that by breaking away from quantifying the impact of environmental factors by simply substituting overseas research results that do not reflect domestic market climates and by applying field results in a timely manner in line with the domestic market atmosphere, not only it becomes possible to estimate the declined (or risen) value more accurately, but also there is no room for legal disputes about the values declined (increases) appraised from the more practical results derived from research on a more numerous, diverse, and wider geographical scopes. The final part of the summary focuses on policies and strategies enabling positive environmental factors to be enhanced and negative environmental ones limited. Just having a view of the ocean, lakes, and rivers can make life more peaceful, property values ​​increase significantly, the communities having the properties attract new immigrants, people wants to live there for generations, and the local economy becomes revitalized. In contrast, car-oriented urban development or urban sprawl causing serious traffic noise and air pollution not only makes it difficult to walk and ride a bike, but also encourages development that consumes precious natural green space and precious farmland, making it difficult to conserve open space. As a result, commuting to work takes too long, residents' health becomes worse, local property values ​​decline, water and air quality deteriorates, and quality of life drops, continuing a vicious cycle. In order to prevent a decline in property values, it is necessary to develop various policies and strategies, and it is desirable to reflect them in urban development. However, if developed indiscriminately, the area would be devastated leading to even disaster, like the fable of the goose that lays the golden eggs. It might be very difficult to listen to the different voices of various stakeholders over precious open space resources, comply with complex and stringent environmental regulations, and ensure the right to access our beautiful open spaces. Precious nature is the reason for the existence of the community, and if is lost, the community disappears as well. Local leaders need to make efforts to engage and understand all stakeholders, so, in addition to population extinction, they should also take an interest in extinction of nature. This requires the following policies or strategies: 1) Inclusive open spaces with safe and equitable access ● Protect through governance that respects the sense of place and users of public open spaces that make the city shared and valuable. ● Since the design of open space is being decided, decisions are made through communication with a relationship to open governance. ● Develop a participatory tool kit so that the public can create open spaces together with city developers and relevant officials. 2) Minimize negative impacts of development and maximize open space value ● Impact assessment (IA) must be actively utilized, and impact assessment (IA) methods must be further developed and deepened. ● The quality of open space should be included and discussed at the initial stage of urban planning. ● When it comes to accessibility issues of open space, it is best to differentiate protection or preservation measures depending on size or characteristics. ● The policy plan must include detailed plans for the quality, accessibility, size and characteristics of open space, as well as landscaping and safety. 3) Open space with a strong sense of place and unique identity ● Maintaining the sense of place in existing open spaces is a priority rather than securing new open spaces and providing them with senses of place. ● Promote projects in a way that allows the original open space to continue, but if this is not possible, it is necessary to consider recreating the sense of place of a familiar open space. ● There is a need to build an open space that is simple but rich in diversity. Policies and strategies reducing and eliminating negative environmental factors are as follows. 1) Urban development ● We need to better understand the issue of how commuting impacts employees at the community and corporate level. ● After securing a justification based on impact analysis, policies and strategies that can be implemented at the local community and corporate level must be developed. ● Carefully analyze the effects of dispersing transportation infrastructure due to the introduction of flexible work systems and increased work from home, and encourage the use of public transportation. ● An accurate understanding of the causes of reckless urban expansion is necessary. ● When the cause of indiscriminate urban expansion is a policy related to spatial planning, it is necessary to closely review the impact of the policy and re-discuss socially any aspects that were not considered in the previous stages. ● We must refer to overseas success stories that prevented reckless urban expansion. 2) Livestock farms near residential areas ● Include information about the location of livestock farms in local plans, ordinances, and guidelines. ● Implementation of health impact assessment (HIA) and environmental impact assessment (EIA) are recommended. ● Compare actual benefits of public livestock waste treatment facilities with not only the economic costs but also the opportunity costs due to negative impacts on the ecosystem and human health. ● The laws related to livestock closures, which are in a relative blind spot compared to new livestock farming permits, must be supplemented and implemented. 3) High-power substations near residential areas ● We must seek ways to diversify substations supporting projects for areas around and establish a clear management system. ● When it comes to resident welfare projects that support resident convenience facilities, we must refer to various practices at domestic and abroad and find ways to link them to increasing income projects. 4) High-voltage transmission lines near residential areas ● Ensure a safe distance from high-voltage transmission lines ● It is necessary to take these characteristics into consideration during field investigations during environmental impact assessment (EIA) and carefully observe the negative effects that cause visual discomfort from the pylon (tower).