Saturday, October 29, 2016

Amenity or hazard? The effects of landslide hazard on property value in Woomyeon Nature Park area, Korea

A nature park in an urban area, which generally includes environmentally valuable natural landscape such as forests, mountains, rivers, and beaches, provides valuable benefits for the public such as recreational opportunities and an aesthetic landscape. However, residents near nature parks could be more vulnerable to natural disasters like floods, tsunamis, and landslides. In order to understand the trade-off between the amenity and hazard effects of nature parks, this study explores the case of the Woomyeon Nature Park (WNP) in Seoul, Korea, which experienced a catastrophic landslide disaster in 2011. The hazard and amenity effects of the WNP before and after a landslide event are analyzed using a difference-in-difference approach with a random coefficient model. The results show that the amenity effect of the WNP has continued after the landslide disaster in apartment complexes near the WNP, but its housing market premiums have fallen by up to 11.3% since the event due to the risk of landslide. The existence of the WNP hazard effect underlines the importance of disaster prevention efforts in urban open space design and management.
Parts of Mt. Umyeon in Seocho in Seoul are washed by torrential rains on Tuesday and Wednesday.
• In Korea, a mountain-type urban nature park increases nearby housing values as a place for leisure and recreation.
• Landslide hazard started to have a negative effect on housing values after the massive landslide event in Woomyeon Nature Park.
• A trade-off between the amenity and hazard effects of urban open spaces exists.
• Disaster prevention efforts in urban open spaces should be combined with landscape and urban planning.

by Jeongseob Kim 1,  (Assistant professor), Junsung Park 1,  (Graduate Student), D.K. Yoon 2, (Associate professor) and Gi-Hyoug Cho 1,  (Assistant professor)
1. School of Urban and Environmental Engineering, Ulsan National Institute of Science and Technology, Ulsan, Republic of Korea
2. Department of Urban Planning and Engineering, Yonsei University, Seoul, Republic of Korea
Received 5 August 2015, Revised 21 July 2016, Accepted 24 July 2016, Available online 28 September 2016
Landscape and Urban Planning via Elsevier Science Direct
Volume 157; January 2017, Pages 523–531
Keywords: Landslide hazard; Amenity; Urban nature park; Property value; Hedonic price model

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