Measuring the effect of greenbelt proximity on apartment rents in Seoul

Findings indicate that apartment rents decrease by 3.83-3.95% with a one-unit decrease in the distance to the nearest GB. The marginal implicit value of decreasing the distance to the nearest GB by 1 km, evaluated at the average apartment rent, yields about a $34 drop in monthly rent, ceteris paribus. This finding appears to be related to the centripetal residential location pattern in Seoul, in which people prefer to live in the central city rather than in the suburbs, contrary to the pattern common in North American cities.