정비계획의 용적률체계가 강남구 재건축 대상 아파트의 시장가격과 사업수지에 미치는 영향에 관한 실증연구

An Empirical Study on the Impact of Floor Area Ratio Systems in Redevelopment Plans on Apartment Market Prices and Project Profitability in Gangnam District

This study conducts an empirical analysis of how the public contribution methods and floor area ratio (FAR) systems outlined in the redevelopment plans publicly announced by the Seoul Metropolitan Government and Gangnam District Office affect the project profitability and market value of apartment complexes subject to reconstruction in Gangnam-gu, Seoul. While prior research primarily used variables related to pre-redevelopment conditions, this study focuses on post-redevelopment variables such as project methods and housing type structures derived from the redevelopment plans. The analysis reveals that increases in FAR, the ratio of public rental housing, and general sales housing lead to improvements in project profitability. Furthermore, even in cases where higher public contribution rates reduce the value of land shares, market prices are positively influenced through the expansion of saleable floor area and the reduction of public rental housing. Additionally, the increase in public rental housing negatively affects residential environment quality and market prices, whereas the progression of the redevelopment project stages has a positive impact on market prices due to heightened expectations.