개발밀도가 아파트가격에 미치는 효과 분석 - 주거환경효과와 자본이득효과- = The Impact of strucural Density on Apartment Price: Amenity Effect and Capital Gains Effect

다국어 초록 (Multilingual Abstract)

It is well known that the structural density of an apartment complex affects the price of an individual apartment unit in the complex. However, careful attentions have not been paid to understand whether it is the result of worsening living environments (amenity effect) or it is the result of reducing capital gains from redevelopment (capital gains effect). This study theoretically derives and empirically tests a hypothesis that the price of an apartment unit in a complex is influenced by the structural density of the complex through both amenity effect and capital gains effect. Estimation results confirm the hypothesis. An increase in structural density by 10 percent point decreases the price of an apartment per size by about one percent through amenity effect and by 3.4 percent through capital gains effect. Also, the magnitudes of capital gains effect are different among different districts (Gu's). The capital gains effect is higher in a district (such as Gangnam Gu) where the price of an apartment unit is higher.