How Does Spatial Accessibility of Road and Urban Railway Network Affect Housing Prices of Seoul?

This chapter measures effects of employment centers’ accessibility level on housing prices, focusing specifically on the road and urban railroad network pattern in Seoul. The analysis reveals that the impact of road accessibility on housing prices was larger than that of railway accessibility, regardless of housing lot size, while the values of road and the railway accessibility elasticity with respect to the price were 4.0146 and 0.8385, respectively. However, the impact of railway accessibility was relatively higher on small- and medium-sized houses than on large houses, which may be due to the relationship between residents’ commuting preferences and the size of their residences. In addition, we found a complementary relationship between accessibility to the business district by road and railway, while the relationship of a distance to the primary business district in Seoul with housing price was significantly negative because of the area’s local-specific amenities. Finally, urban railway lines’ development strategies could lead to housing price disparities between and within five macro planning communities in Seoul. Therefore, policymakers and urban planners need to implement housing supply policies integrated with development of transportation networks to take into account how various household groups have transportation mode preferences.