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Taking Yongsan area in Seoul as the case, the study tries to empirically estimate the changes in land prices that occur due to the changes in zoning regulation, especially the up-zoning, in urban districts. For the purpose, the study specifies a hedonic price model composed of various independent variables representing the physical and locational characteristics that are assumed to contribute to make up the land price. The variables are taken from the ALPA (Automatic Land Price Appraisal system) database prepared annually by the Korea Association of Property Appraisal. Additionally, other necessary parcel-related information is taken from the LMIS (Land Management Information System) provided by the Ministry of Construction and Transportation. The explaining power of the model (the R-squared value) is estimated to be 0.85, and most of the explaining variables show high levels of significance. The regression analysis clearly evidences significant influences of up-zoning on the rising land prices. The price increasing ratio is seen much higher in the cases of up-zoning to different land uses than in simple upgrades within a single residential land-use zone.