The purpose of this study was to estimate the effects of development-restricted areas (DRAs) on land price. The study area used was Goyang city in South Korea, where DRAs occupy… Click to show full abstract
The purpose of this study was to estimate the effects of development-restricted areas (DRAs) on land price. The study area used was Goyang city in South Korea, where DRAs occupy a large proportion of the city’s administrative area. To examine the economic impact of the DRA, this study estimated log-linear regression models and calculated the difference between the land price determined within the DRA and the land price of the developed areas within buffers created by using a geographic information system (GIS). The results showed that a designation of DRA decreased land price, and that there was a large difference in the land price between the inner and the outer DRA, with a difference of USD 871/m2 in the average land price of the study area. These results serve as a reference for policymakers regarding land use in metropolitan areas in the future.
               
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