| Title |
Effects of the New-Town Projects as District Designation on Apartment Housing Prices of Adjacent Area - The Case Study of the New-Town District in Seoul |
| Authors |
Woo A-Young ; Ji Nam-Seok |
| Keywords |
New-Town Projects ; District Designation ; Potential Model ; Hedonic Price Model |
| Abstract |
The purpose of this study is to analyze how selection of New Town District by 「Seoul Metropolitan Area Balanced Regional Development Act」 influences the housing prices. Existing housing redevelopment projects have been led by private companies and solely focused on building housing without the consideration of urban infrastructures. Thus, they could not essentially improve Seoul’s urban or housing environments. Each development project pursued maximum profits by securing maximum gross floor area and failed to make residential complexes that interact or harmonize with the surroundings. Also, Gangbuk region, the old town that has undergone redevelopment projects, and Gangnam region, the new town that has been developed by organized urban planning since the late 1960s, are seeing serious regional divide. In order to solve these problems, Seoul is promoting New Town Projects for the old towns in Gangbuk region. Seoul enacted 「Seoul Metropolitan Area Balanced Regional Development Act」 on March 15, 2003 and selected 15 「New Town」 locations and five 「Balanced Development」 locations as a part of its 「Balanced Development Project」. The purpose of Balanced Development Project was to eliminate regional divide between Gangnam and Gangbuk, prevent abusive development through individual redevelopment projects, and eliminate unstable market prices and quality of housing in different regions. The fluctuation in housing prices after New Town Project will allow us to determine whether the project would satisfy its initial purpose. Generally, housing prices following a development project change in accordance to the progress of the project. The housing prices of a development site and its vicinities increase at a high rate after all steps of the project are complete. Prices also change in selection, master plan, and execution planning steps because of the consumers’ expectations. |