Influence of Accessibilities of Multiple Urban Neighborhood Parks and their Interaction Effect on Apartment Prices : Focusing on Dongtan 1 New Town

This study empirically analyzed accessibilities of multiple urban neighborhood parks and their interaction effect on apartment prices by using the Hedonic Price Model (HPM) and hierarchical multiple regression. The results are as follows. First, it was shown that the closer the urban neighborhood park was, the higher the apartment prices were. This was consistent with findings of previous researches. Second, there was a significant interaction effect between accessibilities of multiple urban neighborhood parks, and the interaction effect worked in a way that inhibited the main effect on apartment prices. In other words, the farther away from one park an apartment was, the lower the price was, but the farther away from another park, the smaller the decrease was. This suggests that the two parks function as substitute and complementary goods. Therefore, to maximize impact on the welfare of urban residents, it is desirable to set up multiple urban neighborhood parks at locations that are symmetrical in the urban structure, considering the interaction effect of accessibilities to the parks.