The assessment of green premium variation across different development scales: case of apartment complexes in Seoul, South Korea

Figures & data

Figure 1. Certification status of G–SEED for MF (2002–2018).

Table 1. Description of the study variables and their expected relationships.

Attributes	Abbreviation	Definition	Expected relationship with the housing price
Dependent variable	LnPrice	Housing transaction price in natural log form
Explanatory variable
Housing attributes	AREA	Floor area of the house (in m^2)	Positive relationship
	FL	The floor level; a categorical variable with 5 levels: 1^st – 10^th floor: 1 is assigned 11^th – 20^th floor: 2 is assigned 21^st – 30^th floor: 3 is assigned 31^st – 40^th floor: 4 is assigned above 40^th floor: 5 is assigned	Positive relationship
	AGE	The age of the apartment from its construction year to the year of transaction (in years)	Negative relationship
	HU	The total number of housing units in the apartment complex	Positive relationship
Neighborhood attributes	PI	Dummy variable: 1 if the apartment is located in the five most expensive districts, 0 otherwise	Positive relationship
	SCH	Dummy variable: 1 if there is a school (elementary/middle) within 500 meters from the apartment, 0 otherwise	Positive relationship
	SPK	Dummy variable: 1 if there is a supermarket or shopping mall within 500 meters from the apartment, 0 otherwise	Positive relationship
	SBW	Dummy variable: 1 if there is a subway station within 500 meters from the apartment, 0 otherwise	Positive relationship
	HOSP	Dummy variable: 1 if there is a hospital within 1 km from the apartment; 0 otherwise	Positive relationship
G-SEED certification	G-SEED	Dummy variable: 1 if the apartment is G-SEED certified; 0 otherwise	Positive relationship

Table 2. Results of the four hedonic pricing models.

	Model 1	Model 2	Model 3	Model 4
Intercept	15.916***	15.83***	16.07***	16.97**
Housing attributes
AREA	0.848***	0.866***	0.857***	0.693***
FL	0.031***	0.028***	0.032***	0.037***
AGE	−0.005***	−0.008***	−0.002***	−0.002**
HU	0.061***	0.073***	0.071***	0.12***
Neighborhood attributes
PI	0.853***	0.829***	0.701***	0.865***
SCH	0.020***	0.006**	0.069***	0.117***
SPK	0.070***	0.097***	0.066***	0.116***
SBW	0.120***	0.126***	0.045***	0.152***
HOSP	0.278***	0.230***	0.393***	0.122***
G–SEED certification attribute
G–SEED	0.243***	0.183***	0.310***	0.546***
Dataset: N	64333	38,866	14,241	11,227
Adjusted R–square	0.732	0.729	0.74	0.779
F–statistic	15,370	9497	3681	3588
p–value	< 2.2e-16	< 2.2e-16	< 2.2e-16	< 2.2e-16