도시재생사업으로 인한 사업지역 및 주변지역 아파트가격 영향분석

Impact on the Apartment Price by the Urban Regeneration Project in Project and Surrounding Area

Urban regeneration project is expected to bring a substantial ripple effect on the local economy. In this context, this study intended to explore the project impact on real estate price which is a major part of the local economy. The case cites are two test beds in Korea, Jeonju city and Changwon city. This study collected real estate (apartment) trade data from 10 apartment districts in Jeonju and 7 in Changwon, which counted 3,862 trade cases between 2006 and 2016. In addition, in order to identify only the effects of urban regeneration projects on real estate price fluctuations, shift-share analysis which is usually used to analyze the effects of regional industrial growth was applied. Shift-share analysis enables the growth effect into three parts; RG (regional housing real estate growth effect), AG (regional apartment growth effect), TS (test bed local share effect). The results show that the price fluctuation of apartments from 2009~2011 before the urban regeneration project initiated has been influenced by the over all trend of the regional housing and apartment market. However, after the urban regeneration project begun in 2011, the test bed local share effect (TS) is becoming bigger than the other effects. That is the urban regeneration project influenced the rise of apartment price. The result derived from this study, which could identify the only effect of the regeneration project on apartment price, would be beneficial to predict or monitor real estate market by the regeneration project. This could be also helpful to decrease financial risk and ensure successful execution of urban regeneration project.