2023, Vol.33, No.4

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

pISSN : 2092-5395 / eISSN : 2733-8339
https://journal.kci.go.kr/krer

The primary goal of this research is to determine the impact of an amendment to the Urban Improvement Act on the duration of redevelopment projects. Basic statistics analysis results reveal an increased redevelopment project period since the amendment, high number of households and tenants of existing houses, and high ratio of general sales and rental of completed houses. Meanwhile, the results of multiple regression analysis, which uses the period from the establishment of the implementation union as a dependent variable, reveal that the amendment increases the project period, and the project period increases if the key interest rate rises and the GDP growth rate is high. With an increased key interest rate, GDP growth rate, and construction investment, the project period decreases. Meanwhile, when the Seoul land price and price index increase, the project period increases. The amendment has improved public interest by increasing the supply of rental housing, but administrative support for the redevelopment of unviable areas must be strengthened to prevent urban polarization.

This study compared and analyzed real estate market trends over the last six years using social big data generated on the web and social media. To this end, the applicability of social network analysis as a method of confirming and understanding public perception of the real estate market was confirmed. Big data were used for analysis, and because keyword network analysis was at the heart of the study, the author's patented “emotional information analysis method” was partially used. The analysis result reveals that from 2017 to 2019, keywords related to the rising phase of the real estate market were derived with high influence, and real estate policy keywords were ranked highly. Meanwhile, from 2020 to 2022, keywords related to the real estate market downturn had a high impact, and those related to real estate costs were ranked high. These research findings are a preliminary study that seeks an effective research methodology in understanding the past and present real estate markets. More specific policy research should be conducted using these research results.

Seoul City continues to promote urban development projects to respond to the increasing housing demand due to continued population growth and urbanization. Furthermore, it is establishing related support policies. This study analyzes the impact of housing supply through redevelopment projects, especially on apartment resale prices in the vicinity and provides insights for relevant policy development. Accordingly, the Heukseok 3 redevelopment area was selected as the target site, and apartment complexes within 500 m, 1 km, and 1.5 km of the target site were established as the treatment group, control group 1, and control group 2, respectively, with a total of 10,300 cases in 14 apartment complexes. The analysis used the difference-in-differences method and multilevel modeling. The results obtained at various stages of the project implementation indicated that the prices of the surrounding apartments decreased during the association establishment and completion approval stages, whereas price increases were observed during the project design and property management and disposal planning phases. Moreover, the extent of price increases and decreases varied with distance from the Heukseok 3 zone oriented to the policy. Through this study, we confirmed the impact of housing supply through redevelopment projects in neighboring areas. These findings can serve as valuable evidence for future housing policy development.