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Release of medium-to-long term outlook on respective agenda based
on the analysis of pending macroeconomic issues

Urban, Rural and Regional Economics

Policy Study

Study on Land Price Change in Residence Development Projects

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SUMMARY The current report investigates impact of developing residence area upon movement of land price, and tries to elicit policy implication on project implementation along with on land acquisition. We analyze price change within and outer of residence area development site, with the timeline of designation, development planning, and detailed implementation planning stages. Also pattern of price change in capital region is compared with that in other regions.

14 project sites are selected for the analysis and the prices of unit piece of lands in those sites are collected for 2000 to 2010. We find out that the price of land has increased rapidly upon designation of residence area project and steadily been on uprising trend during following implementation stages. Especially the price of land within the sites increased dramatically even before designation stage and the change rate has hit the peak upon designation. Yet this change turns out to be much severer in capital region.

The result implies that adjustment or improvement of land compensation practice, specifically in timing as well as in detailed procedures. It is suggested that the compensation of land acquisition should be based on earlier stage of development in order for principle of fair compensation.
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