The Effect of Settlement District on the Price of Row houses: Focused on Jeju-do

Abstract

In this study, the effect of settlement district on the price and price increase rate of the row houses in Jeju-do was analyzed. In the price determinants of row houses, the larger the area of exclusive use space and the higher the living floor, the higher the price, and the lower the price over time. The total floor area of the row house complex and the number of parking spaces per household have a positive effect on the price, and the larger the remaining building-to-land ratio, the lower the price. The price of row houses in Seogwipo-si is higher than that of Jeju-si, the price of row houses in the settlement district is higher than that of non-settlement district, and there is a price difference depending on the adjacent road. In the price increase determinants of row houses, the area of exclusive use space did not affect the price increase, and the longer the construction is completed, the larger the total floor area, and the higher the number of parking per household, the higher the price increase rate. There was no difference between Jeju-si and Seogwipo-si in terms of price increase determinants, and row houses in the settlement district had a higher price increase rate than non-settlement district, and adjacent road did not affect the price increase rate. Through the results of this study, it is necessary to review the reflection of the price magnification for the settlement district when calculating individual land prices and development charges. In addition, row house consumers need to check whether it is a settlement district.