보전정비사업과 주택시장과의 관계

The Relationship between Urban Regeneration Project and Housing Market: Focused on Jeonju Hanok Village Area

Urban Regeneration project is expected to bring positive externalities to neighborhoods. However, there can be an opposite aspect in the project, especially negative impacts on living environments. Because the impacts are generally capitalized into property values, we can estimate the impacts using housing prices. Therefore, in this study, we explore how the urban regeneration project affects surrounding property values, focusing on the Jeonju Hanok Village area. Using hedonic housing price model with actual housing transaction data, provided by Ministry of Land, Infrastructure and Transport (MOLIT), we estimate the effects of Jeonju Hanok Village on the housing prices of adjacent areas. Our results show that housing prices decrease as distance to Jeonju Hanok Village increase, which means Jeonju Hanok Village negatively affects surrounding housing prices. This may be because increasing tourists to Jeonju Hanok Village can be harmful to living environments in the surrounding residential areas, although it enhances regional economic growth. This suggests that policy makers should not only consider economic growth through urban regeneration project such as Jeonju Hanok Village project, but also establish policy options for residents who live in the surrounding areas to prevent negative externalities of increasing visitors.