Exploring the moderating effect of private green space on the relationship between density and housing prices

Abstract

This study examines the impact of private green spaces on housing prices and their moderating effect on the relationship between housing density and prices in Seoul, South Korea. Our research finds a negative relationship between housing density and housing prices, suggesting that higher density typically depresses property values. The creation of private green spaces within residential complexes can generate an additional “green premium” when designed on a large scale with continuity and without the presence of automobiles. This study also suggests the potential of such green spaces in alleviating some of the negative effects of high density on housing prices. This research contributes to the discourse on sustainable and compact urban development, advocating for policy interventions that encourage the inclusion of private green spaces in high-density residential projects. © 2024 Elsevier Ltd