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Dynamics of the Greenbelt Amenity Effect on the Land Market-The Case of Seoul's Greenbelt

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  • Chang-Moo Lee
  • Peter Linneman
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    Abstract

    Seoul's greenbelt has been maintained for twenty years with little change, although Seoul has grown rapidly. Therefore, Seoul's greenbelt is interesting to examine for the dynamic impacts of a greenbelt regulation in a growing city. These impacts are examined in this article which also exploits a unique time series of Seoul property values (1970-1989). The results show that the amenity value of Seoul's greenbelt is quite high. However, the marginal value of greenbelt accessibility has been decreasing since 1980, in notable contrast to earlier years. A simple welfare analysis demonstrates that as the city grows, the greenbelt eventually loses its efficiency as a policy tool, even though earlier it may have achieved economic efficiency. Copyright American Real Estate and Urban Economics Association.

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    Bibliographic Info

    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 26 (1998)
    Issue (Month): 1 ()
    Pages: 107-129

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    Handle: RePEc:bla:reesec:v:26:y:1998:i:1:p:107-129

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    Cited by:
    1. Myung-Jin Jun, 2012. "The effects of Seoul’s greenbelt on the spatial distribution of population and employment, and on the real estate market," The Annals of Regional Science, Springer, vol. 49(3), pages 619-642, December.
    2. Steve Gibbons & Susana Mourato & Guilherme Resende, 2011. "The Amenity Value of English Nature: A Hedonic Price Approach," SERC Discussion Papers 0074, Spatial Economics Research Centre, LSE.
    3. Matthew Chadourne & Seong-Hoon Cho & Roland Roberts, 2013. "Identifying priority target areas for the Knoxville–Knox County hillside and ridgetop protection plan: using the value of visual amenity during the real estate boom of 2002–2007 and the recession ," The Annals of Regional Science, Springer, vol. 50(3), pages 911-934, June.
    4. Wouter Vermeulen & Jan Rouwendal, 2008. "Urban Expansion or Clustered Deconcentration?," Tinbergen Institute Discussion Papers 08-043/3, Tinbergen Institute.
    5. Johanna Choumert & Shanaka HERATH & Gunther MAIER, 2014. "The value of the greenbelt in Vienna: a spatial hedonic analysis," Working Papers halshs-00939270, HAL.
    6. Zheng, Siqi & Kahn, Matthew E., 2008. "Land and residential property markets in a booming economy: New evidence from Beijing," Journal of Urban Economics, Elsevier, vol. 63(2), pages 743-757, March.
    7. Edwin S. Mills, 2002. "Government Urban Growth Controls," International Real Estate Review, Asian Real Estate Society, vol. 5(1), pages 1-11.
    8. Paul Cheshire, 2009. "Urban land markets and policy failures," LSE Research Online Documents on Economics 30837, London School of Economics and Political Science, LSE Library.
    9. Bergstrom, John C., 2001. "Postproductivism And Rural Land Values," Faculty Series 16689, University of Georgia, Department of Agricultural and Applied Economics.
    10. Anas, Alex & Pines, David, 2008. "Anti-sprawl policies in a system of congested cities," Regional Science and Urban Economics, Elsevier, vol. 38(5), pages 408-423, September.
    11. Bergstrom, John C., 1998. "Exploring And Expanding The Landscape Values Terrain," Faculty Series 16653, University of Georgia, Department of Agricultural and Applied Economics.
    12. Alex Anas & Hyok-Joo Rhee, 2004. "Curbing Excess Sprawl with Congestion Tolls and Urban Boundaries," Urban/Regional 0408004, EconWPA.
    13. Bergstrom, John C., 2001. "The Role And Value Of Natural Capital In Regional Landscapes," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(02), August.
    14. Thomas J. Nechyba & Randall P. Walsh, 2004. "Urban Sprawl," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 177-200, Fall.
    15. Anderson, Soren T. & West, Sarah E., 2006. "Open space, residential property values, and spatial context," Regional Science and Urban Economics, Elsevier, vol. 36(6), pages 773-789, November.
    16. Waltert, Fabian & Schläpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, vol. 70(2), pages 141-152, December.

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