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This study aims to analyze determinants of mountainous and coastal area’s housing value caused by the characteristics of the na tural environment. As the current issue of housing value is throwing the spotlight on the climate change recently, environmental feat ures are significantly important than before. There were a lot of studies on the influence of environmental characteristics to the housi ng price but these studies were mostly dealing with the housing price in especially apartments nearby Han-river in Seoul, South Korea. T o have differences with existing studies, environmental characteristics estimating housing value are classified as 8 elements includin g the view, the wind speed, and the humidity. The result of this study is in following; there were few significant environmental variables in mountainous housing value growth model. This means people living in mountainous area recognize on environmental factors more such as housing or complex characteristics. People living in coastal area are much more sensitive environment variables in their residence value than mountainous area. Especially, the view for the ocean is the most important variable in housing value, and wind speed is second positively significant. Humidity and safety of disaster are negatively significant variables.Keywords : Natural Environment, Housing Value, Mountainous Area, Coastal Area, Ordinal Logit Model                 .     ,      .            ,       .     ,   , ,   8   .   ;         .                  . ,             . ,               .       . : , ,  ,  ,  Regional and Urban Planning

An Analysis on the Determinants of Mountainous and Coastal Area's Housing Value Caused by the Characteristics of the Natural Environment