This study aims to systematically analyze the structure and relative importance of development risks in small-scale rural housing development projects according to lot size and project stage, and to propose practical risk management strategies from a ...
This study aims to systematically analyze the structure and relative importance of development risks in small-scale rural housing development projects according to lot size and project stage, and to propose practical risk management strategies from a developer’s perspective. While previous studies on rural housing have largely focused on residents’ characteristics and housing satisfaction, this research addresses the lack of empirical studies that examine development-stage risks, particularly in small-scale housing projects where financial and operational risks directly affect project feasibility.
The spatial scope of the study is limited to Giheung-gu, Yongin City, a representative suburban area in the Seoul metropolitan region with sustained demand for rural housing complexes. The analysis focuses on three representative lot sizes—200㎡, 248㎡, and 331㎡—commonly applied in small-scale rural housing developments. The content scope covers the entire project life cycle, including the planning and review stage, land acquisition stage, development and building permit stage, sales stage, construction stage, and completion and occupancy stage.
Methodologically, key risk factors were identified through a comprehensive literature review and two rounds of focus group interviews (FGI) with industry experts. Based on these results, a multi-level decision-making model was constructed. A survey was then conducted with 50 experts who have more than ten years of experience in real estate development, construction, design, permitting, finance, and brokerage. The Analytic Hierarchy Process (AHP) was employed to evaluate the relative importance of risk factors, and the Fuzzy-AHP method was additionally applied to mitigate subjectivity and uncertainty in expert judgments.
The analysis results indicate that the importance and priority of risk factors differ significantly depending on both the development stage and lot size. In the planning and land acquisition stages, risks related to site suitability, land-use regulations, and financing conditions were found to be the most critical. During the sales stage, market demand volatility and unsold inventory risk emerged as key factors. Furthermore, as lot size increases, financial risks associated with infrastructure investment and delayed capital recovery become more pronounced.
This study contributes to the literature by quantitatively identifying stage-based and area-based risk structures in small-scale rural housing development projects. The findings provide a practical decision-support framework for developers to proactively manage risks and enhance project feasibility. In addition, the study expands the scope of rural housing research from a demand-oriented perspective to a development-process-oriented approach and offers valuable implications for future rural housing development projects and policy formulation.