earticle

영어

Land price is heavily dependent on human settlement system. Various causes that are having effect on human settlement system are, thus, strongly related to land price changes. Korean government set forth the ambitious balanced regioinal development projects, such as the development of innovation cities, enterprise cities and administration city, to decentralize population and economic activities that are spatially concentrated around Seoul metropolitan area to other regions. However, such development projects have triggered the fierce arguments whether the projects causes the unrational land price increase and leads to the bubble of land market, since land price is effected by not only the current human settlements environment, but also future expectation value that is not realized yet. One asserts that sky rocketting land price increase is due to the expectation value that is created during the development process of balanced regional development projects and, therefore, it is bubble that will burst. The purpose of the study is to figure out whether there was a siginificant land price increase in the designated area of such development projects. The study shows the land price increase due to the expectation value was significant only for the administration city development.