| Title |
An Analysis of Land Price Changes after Urban Regeneration Project in the Local City Downtown |
| Authors |
장리브가(Jang, Rebecca) ; 윤철재(Yoon, Cheol-Jae) |
| DOI |
https://doi.org/10.5659/JAIK.2021.37.4.193 |
| Keywords |
Urban Regeneration; Real Transaction Land Price; Changes in Land Price; Gentrification; Difference-in-Differences(DID) |
| Abstract |
Various urban regeneration projects implemented so far have had a positive effect of rediscovering local assets and revitalizing urban space.
However, the value of real estate in the region has risen sharply, and the side effects of local members being transferred are also
accompanied. It is especially serious in local cities that do not have their own driving force to revitalize the region. In this study, the trend
of land prices changing after the implementation of urban regeneration projects was time-series for Gunsan, Daegu, and Jeonju, where
gentrification occurred, among the urban regeneration areas where urban regeneration projects were implemented. After selecting the control
area, which has similar physical environment to the research site and has a difference in whether urban regeneration projects are implemented
or not, the pattern of land price changes from 2006 to 2020 was compared and analyzed through the DID analysis method. As a result of
the study, there was a difference in the trend of changing the DID coefficient values in each region, but the land price changed over four
stages in all three regions in common. It showed a pattern of falling land prices due to the declining regional characteristics before the
project implementation, gradual or rapid rise in land prices due to the implementation of urban regeneration projects, amplification of
changes, and continuous increase or decrease. It was also seen that the DID coefficient value showed a greater degree of change after the
maximum value was displayed. In other words, it may be determined that the implementation of urban regeneration projects has a strong
impact on the land price of the relevant area. Therefore, in order to strengthen the net function of urban regeneration projects and reduce the
adverse effects, it is necessary to proactively respond to changes in the characteristics and environment of the target site based on
step-by-step land price changes. |