A study of land value change in the area near the Urban Regeneration Project - Changdong Art Village in Changwon City in Korea

Abstract

The present study applied the analytical framework for the relationship between land development projects and land value and their effect on land value, which was discussed in previous studies, to an urban regeneration project, and analyzed their relationship with land value. The scope and subject of this study’s analysis included land value change for two years in Changwon before, during, and after the first generation urban regeneration project. The results showed that while the average cumulative rate of change for 4 dongs within the 1 km affected area was 15.3%, that of 6 dongs within the 5 km affected area it was 25.8%, which was quite high. Hence, as part of the Ministry of Land, Infrastructure, and Transport’s regulatory efforts to curb a steep land value rise in the areas adjacent to urban regeneration projects, it is necessary to approach the steep rise by closely examining a land value change trend in 5 km from the project area, instead of simply regulating the immediately adjacent areas.