The purpose This research tries to primarily find out whether the distance difference from Locally Unwanted Facilities(LUF) is influential on the land price. Using official land price data from January 2007 to January 2016, it examines land price tren...
The purpose This research tries to primarily find out whether the distance difference from Locally Unwanted Facilities(LUF) is influential on the land price. Using official land price data from January 2007 to January 2016, it examines land price trends in the neighboring areas of Cheongju Regional Waste Incineration Plant and Mongnyeon Crematorium Park located in Cheongju. The main target is given to spatial range within a radius of 3km and the double logarithm function of the Hedonic price model is applied.
Major findings are: First of all, Hyuam-dong where Waste Incineration Plant is located experiences lower average land price. The same trend is repeated at Hyeonam-ri where Mongnyeon Crematorium Park is located. In specific, this research finds that areas within a 1km radius from Waste Incineration Plant are under heavier negative impact. In contrast, there exists linear proportional relationship between the average land price and the distance per se. Secondly, significant explanatory variables in this research are zoning(residential area), land use(shopping district), land category(fields and paddies, woods and fields), surface area, landform(gentle slow, flatland), park, distance to school, and road characteristics(boulevard, street, road). Among major variables, it finds that the distance from LUF is not so influential on the land price. Thirdly, it presents that significant explanatory variables for the area within a 1~2km radius are land category(sites, woods, and fields), distance to school and land use(shopping district). In case of 2~3km radius, land category(woods and fields), distance to park, land use(shopping district) and landform(flatland) variables are selected. Finally, this research expects that these findings would contribute to resolving public conflict or setting up compensation strategies against negative impact originating location of Locally Unwanted Facilities (LUF).