The paper aims to analyse empirically how much betterment from land have been generated and also recaptured by the public sector during the last 20 years. It consists of four sections including the Introduction. The second section analyses the magnitu...
The paper aims to analyse empirically how much betterment from land have been generated and also recaptured by the public sector during the last 20 years. It consists of four sections including the Introduction. The second section analyses the magnitude of betterment generated, the level of recapture by the public sector, and what are the shortages of betterment recapture system. The third section is a rather micro-analysis by using case studies of three land development and nine housing construction projects. It analyses how much betterment was generated during the development & construction projects, and how the betterment was distributed among stakeholders, including government, land developer, housing constructor, and housing buyers. The last section summaries findings and implications to the betterment recaputure system in Korea.