This study is for a comparative analysis on trends of land uses and land prices in the Restricted Development Zone, especially in Seoul metropolitan area, before and after a certain system reformation, from 1999 to 2005, just before a special law beco...
This study is for a comparative analysis on trends of land uses and land prices in the Restricted Development Zone, especially in Seoul metropolitan area, before and after a certain system reformation, from 1999 to 2005, just before a special law becoming effect on the Restricted Development Zone to settlement for basic direction of Restricted Development Zones adjustments.
In addition, the aim of this study is to seek raw materials for reasonable management of Restricted Development Zone to analyze the factors affecting land prices on the Restricted Development Zone with the hedonic price model.
The results of this study follows;
First of all, in case of the land use pattern in Restricted Development Zone, the retention land areas nearby the mass settlement decrease residential units, residential-commercial complexes, and commerce units. The released land areas, on the other hand, substitute residential units and residential-commercial complexes for agricultural lands to be altered to the hybrid lands or the sites.
However, since the immediate alteration of classified lands can't be placed, there are obviously some problems for effective land management.
As the result of the analysis of the floating land prices rate using total fluctuation of the land values from 1999, the Restricted Development Zones increase the price 2.2times more than the green areas which increase price 1.5 times. and this is the higher increasing price rate than any other Areas in the urban.
And as the result of the analysis of the floating land price rate using the classification land in the Restricted Development Zones, the prices of lands are increased; A road is 4.5 times, a farm land is 2.7 times, a rice field is 2.3 times, a site is 2 times and a forest is 1.5 times the lowest as much as the past.
We have the following results from hedonic price estimation for the analysis on the land prices formation.
In the thesis for year differences from the refined system starting year 1999 to 2005, the relationship between factors affecting land prices doesn't show any distinctive differences except lowing regional dummy variables' effects indicating areas to affect the land prices. It is assumed that the prices elasticities by institutional reformation don't appear apparently in the Seoul metropolitan areas.
As to the thesis for regional differences in the major regions, they affect the land prices. In hedonic price model with Incheon, Seoul and Gyeonggi, the result of Incheon is sufficiently explained, and Seoul, Gyeonggi in orders.
In case of site, Seoul and Incheon are highly influenced with the basis of the analysis of factors affecting land prices under the thesis of land classification. On the other hand, in the 2005 Gyeonggi model, Farm, altered easily other land classification, is the highest of the factors.
Under the aspect of land use, most agricultural use of land indicates a negative effect. In the thesis of areas on the border of a road, a lane is the highest influencing factor of land prices in Seoul but main road is the highest factor in Gyeonggi and Incheon. In case of various distant factors, distances from a railroad and a subway station are indicated positive influencing factors in Gyeonggi and the hate facillities are the factors in Incheon.
In conclusion of above analysis, there are differences under the character of district and this has been influencing the prices of lands.
In the last thesis, analysis of the factors affecting land prices in the conditions between the Restricted Development Zones and Non Restcited area, current land use factors influence the highest to the prices in every areas.
But there are some differences. Residential dummy variables indicate high influence in the Restricted Development Zones whereas they do low influence in Non Restricted areas.
Also, distance from railroads, subway stations and hate facilities indicate high influences in Non Restricted Areas whereas they do low influences in the Restricted Development Zones.
We, therefore, have an conclusion that factors affecting land prices are different under the conditions.
The results of this research can be applied to urban planning in Seoul Metropolitan areas and managing the Restricted Development Zones as the character differences affecting land prices. Considering the land market reflecting regional characters, this research is also of good use applied to prepare the effective management ways for the Restricted Development Zones such as the Restricted Development Zones purchase system, standard establishment of administration for the purchase system, and etc.