Analyses of the Three Environmental Factors Affecting Apartment Prices: Focusing on Gyeongsangnamdo

The purpose and significance of this study is to analyze the impact of complex environmental factors on apartment prices across the country based on actual transaction prices. For this, based on the actual transaction prices of apartments in four complexes within △△ district in ○○-si, Gyeongsangnam-do, which are all affected by three environmental factors: exposure to open spaces (neighborhood parks and natural mountainous areas), exposure to Nimby facility (livestock barn), and exposure to traffic noise. The influence of each factor was estimated through three-pair two-apartment correlation analysis and hedonic modeling. Three pairs of two apartments were selected for correlation analysis, and they have the same or similar physical factors such as exclusive use area, construction year, construction company, and orientation. However, the first pair of two apartments differs only in exposure to open space. The second pair of two apartments differs only in exposure to Nimby facilities. and the final pair of two apartments differs in simultaneous exposure to both open space and traffic noise. In addition, the actual transaction prices of 300 apartments in 4 complexes were investigated to estimate the impact of exposure to open space, to Nimby facility, and to traffic noise through a hedonic model. As a result of correlation analysis, the impact due to exposure to avoided facilities was -6.7%, the impact due to exposure to open space was +5.0%, and the impact due to noise exposure was -11.2%. From the results of the hedonic modelling, the impacts due to exposure to open space, Nimby facility and traffic noise were estimated to be 182,357 won/m 2 , -170,437 won/m 2 , and -195,141 won/m 2 , respectively. Although it was confirmed that traffic noise has the greatest impact on apartment prices, there is a limit in that the size of the analysis of the impact due to exposure to open space and exposure to nimby facilities was derived differently from correlation analysis and hedonic model analysis. Future research should be conducted to analyze the impact of open spaces by further subdividing them into natural landscapes such as mountains and rivers and artificial landscapes such as neighborhood parks.