[KSCI] Korea Science Citation Index Service

http://dx.doi.org/10.22640/lxsiri.2018.48.2.121

An Analysis of the Policy Effect on the Change of Application Standard of Floor Area Ratio for Land Covering Two or More Zoning Area - Focused on Gangnam-gu -

Yu, Myeong-Han (Department of Urban Planning, Hanyang University)
Lee, Chang-Moo (Department of Urban Planning, Hanyang University)

Publication Information

Journal of Cadastre & Land InformatiX / v.48, no.2, 2018 , pp. 121-135 More about this Journal

Abstract

The ministry of land, Infrastructure and transport has revised the "National Land Planning and Utilization Act" in 2012. As a result, the regulation of floor area ratio for land covering two or more zoning area has been changed. This study conducted an analysis of the policy effects of changes in the criteria for the application of the floor area ratio by revising the "National Land Planning and Utilization Act". Land covering two or more zoning area means a street side commercial area and street side residential area that is generally understood. This study analyzed the policy effects in Gangnam-gu which has relatively large areas of street side commercial area and street side residential area. The 468 office building transaction cases were analyzed in Gangnam-gu from 2007 to 2017. The result shows that the office building, which has received incentive for policy changes, reported a 19.08% rise in price compared to the one that did not. It means that the economic effects of change of application standard were significant. The existing policy also served as a restriction on land use by landowners, which in turn contributed to the devaluation of the asset's intrinsic value. Therefore, this study may have contributed to the rational use of land and to provide an empirical basis for the change in policy to be assessed for its intrinsic value.

Keywords

Zoning; Floor Area Ratio; Policy Effect; Hedonic Price Model; Office Cadastral re-examination;

Citations & Related Records

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