The residential and urban development projects of Jinju City have brought about changes in various conditions of the urban structure and land prices. The factors of Land price fluctuation include convenience of transportation, population increase through new land supply, and the expansion of accessi...
The residential and urban development projects of Jinju City have brought about changes in various conditions of the urban structure and land prices. The factors of Land price fluctuation include convenience of transportation, population increase through new land supply, and the expansion of accessibility. With the improvement of land location conditions, land prices have risen. In this regard, this study aims to examine the characteristics of elastic or inelastic changes in land price with care. This study investigated land price fluctuation and its characteristics in six areas (Shinan-dong, Pyonggeo-dong, Gajwadong, Hotan-dong, Chojeon-dong and Chungmugong-dong based on the officially assessed reference land price between 1996 and 2017. It attempted to conduct a systematic analysis and identify the characteristics of data according to the land categories by focusing on individual official land price by focusing on Gajwadong and Hotan-dong around Gyeongsang National University. It compared the average increase rate of the land price in Korea and the average increase rate of the total land price in Gyeongnam province and Jinju city during the limited period (1996 ~ 2017). In addition, it tried to identify the correlation of the increase rate of land prices in other land development sites in Jinju City through investigating the preceding research methods during the period of research.
The characteristics of six regions of residential and land development project areas in Jinju city are as follows:
First, the land prices in the entire areas of Jinju city rapidly increased within three years after the completion of land and urban development projects in Shinan District, Pyonggang District 2, and Hotan District, as well as in Pyonggeo District 3, Gajwa District 2, which increased within 3 years after being designated as the project areas of Gyeongnam innovative city between 2002 and 2008.
Second, the financial crisis made land development projects stagnant in 2008, but land prices skyrocketed due to residential development and urban development projects in Gyeongnam Innovative City, Chojeon District, Chojang District 1, Pyeonggeo District 4, and new Jinju railway Express station areas.
Third, Pyeongeo-dong was a stabilized market where land prices were less affected. Shinan-dong became the downward market due to the deterioration of the buildings, while Chojeon-dong was the upward market in the urban development plans in Dodong District, and Southern district in Chojang. Gajwa-dong was the upward market due to the issues such as new Jinju railway station areas, Gyeongnam Air National Aero Industrial Complex and the relocation of Transportation Center. Meanwhile, Chungmugong-dong provided the cause of rising land prices, but decrease in prices of Apartment was seen due to the high sale price and rental price, leading to the vacancy of stores. In the future, it is expected that the market will be stabilized if the demand for large-scale apartment and comfortable living conditions increases. Despite the aging of the city in Hotan-dong, it is expected that the market will be recovered for the time being due to neighboring issues in Gajwa-dong and Chungmugong-dong.
Fourth, land and urban development projects in neighboring areas will result in the emergence of areas, immediately rising and gradually rising, depending on location, categories of land, and the use of sites due to the housing sites and urban development projects in adjacent locations.
Fifth, abnormal sharp surge of land prices was caused by a rapid increase of the speculative temporary demand for the land. Speculators got tremendous unearned income, so that it lowered the desire to work due to the social spread of speculative psychology and shrank the sound economy of the people, leading to the imbalance in the entire society by creating the atmosphere of social disharmony as a result of putting too much emphasis on the unearned income.
Sixth, some alternatives to stabilize the real estate policy and to prevent the vacancy in old towns, altered by the residential land and urban development projects in Jinju city are urgently needed.
Seventh, new real estate policy should be prepared for the areas where land prices fall due to the development of residential areas and urban development projects.
This study implies several limitations as follows:
First, due to the reflection of changing land price in Jinju city and residental land and urban development projects (six regions), the causal analysis of the factors in land price fluctuation was lacking.
Second, to improve the accuracy of this study, the actual transaction of the real estate should be based on data, but reliability issues were raised due to down-contracts like general practices. In addition, it was difficult to accurately reflect the price fluctuation caused by the sale of real estate because the cases of land price fluctuation were not sufficient enough to clarify and in the cases of selling the building, it was difficult to accurately analyze land prices and building prices. Therefore, we used the officially assessed reference land price and officially assessed individual land price. Therefore, there is a limit to identifying the precise land price fluctuation.
Third, the analysis of land prices for the development of other areas is not sufficient due to the limited residential and urban development project areas of six areas (Sinan-dong, Pyeonggeo-dong, Gajwadong, Hotang-dong, Chojeon-dong and Chungmugong-dong). Therefore, an in-depth study about other areas is required in the future.
In this regard, this study intends to provide data which can make rational investment and prediction by presenting objective data in accordance with development areas through the analysis of land price fluctuation and characteristics in residential sites and urban development areas around Jinju city and Gyeongsang National University.
It analyzed the land price fluctuation in residential areas and urban development project areas, Jinju city. Based on the analysis of the land price fluctuation, the prediction about the real estate market in Gajwa-dong, Hotan-dong around Gyeongsang National University, where the growth possibility is high due to the creation of innovative city in Jinju city, the development of new Jinju railway station areas, the creation of national aviation industrial complex and the issues involved with the relocation of the traffic center will be utilized.
The residential and urban development projects of Jinju City have brought about changes in various conditions of the urban structure and land prices. The factors of Land price fluctuation include convenience of transportation, population increase through new land supply, and the expansion of accessibility. With the improvement of land location conditions, land prices have risen. In this regard, this study aims to examine the characteristics of elastic or inelastic changes in land price with care. This study investigated land price fluctuation and its characteristics in six areas (Shinan-dong, Pyonggeo-dong, Gajwadong, Hotan-dong, Chojeon-dong and Chungmugong-dong based on the officially assessed reference land price between 1996 and 2017. It attempted to conduct a systematic analysis and identify the characteristics of data according to the land categories by focusing on individual official land price by focusing on Gajwadong and Hotan-dong around Gyeongsang National University. It compared the average increase rate of the land price in Korea and the average increase rate of the total land price in Gyeongnam province and Jinju city during the limited period (1996 ~ 2017). In addition, it tried to identify the correlation of the increase rate of land prices in other land development sites in Jinju City through investigating the preceding research methods during the period of research.
The characteristics of six regions of residential and land development project areas in Jinju city are as follows:
First, the land prices in the entire areas of Jinju city rapidly increased within three years after the completion of land and urban development projects in Shinan District, Pyonggang District 2, and Hotan District, as well as in Pyonggeo District 3, Gajwa District 2, which increased within 3 years after being designated as the project areas of Gyeongnam innovative city between 2002 and 2008.
Second, the financial crisis made land development projects stagnant in 2008, but land prices skyrocketed due to residential development and urban development projects in Gyeongnam Innovative City, Chojeon District, Chojang District 1, Pyeonggeo District 4, and new Jinju railway Express station areas.
Third, Pyeongeo-dong was a stabilized market where land prices were less affected. Shinan-dong became the downward market due to the deterioration of the buildings, while Chojeon-dong was the upward market in the urban development plans in Dodong District, and Southern district in Chojang. Gajwa-dong was the upward market due to the issues such as new Jinju railway station areas, Gyeongnam Air National Aero Industrial Complex and the relocation of Transportation Center. Meanwhile, Chungmugong-dong provided the cause of rising land prices, but decrease in prices of Apartment was seen due to the high sale price and rental price, leading to the vacancy of stores. In the future, it is expected that the market will be stabilized if the demand for large-scale apartment and comfortable living conditions increases. Despite the aging of the city in Hotan-dong, it is expected that the market will be recovered for the time being due to neighboring issues in Gajwa-dong and Chungmugong-dong.
Fourth, land and urban development projects in neighboring areas will result in the emergence of areas, immediately rising and gradually rising, depending on location, categories of land, and the use of sites due to the housing sites and urban development projects in adjacent locations.
Fifth, abnormal sharp surge of land prices was caused by a rapid increase of the speculative temporary demand for the land. Speculators got tremendous unearned income, so that it lowered the desire to work due to the social spread of speculative psychology and shrank the sound economy of the people, leading to the imbalance in the entire society by creating the atmosphere of social disharmony as a result of putting too much emphasis on the unearned income.
Sixth, some alternatives to stabilize the real estate policy and to prevent the vacancy in old towns, altered by the residential land and urban development projects in Jinju city are urgently needed.
Seventh, new real estate policy should be prepared for the areas where land prices fall due to the development of residential areas and urban development projects.
This study implies several limitations as follows:
First, due to the reflection of changing land price in Jinju city and residental land and urban development projects (six regions), the causal analysis of the factors in land price fluctuation was lacking.
Second, to improve the accuracy of this study, the actual transaction of the real estate should be based on data, but reliability issues were raised due to down-contracts like general practices. In addition, it was difficult to accurately reflect the price fluctuation caused by the sale of real estate because the cases of land price fluctuation were not sufficient enough to clarify and in the cases of selling the building, it was difficult to accurately analyze land prices and building prices. Therefore, we used the officially assessed reference land price and officially assessed individual land price. Therefore, there is a limit to identifying the precise land price fluctuation.
Third, the analysis of land prices for the development of other areas is not sufficient due to the limited residential and urban development project areas of six areas (Sinan-dong, Pyeonggeo-dong, Gajwadong, Hotang-dong, Chojeon-dong and Chungmugong-dong). Therefore, an in-depth study about other areas is required in the future.
In this regard, this study intends to provide data which can make rational investment and prediction by presenting objective data in accordance with development areas through the analysis of land price fluctuation and characteristics in residential sites and urban development areas around Jinju city and Gyeongsang National University.
It analyzed the land price fluctuation in residential areas and urban development project areas, Jinju city. Based on the analysis of the land price fluctuation, the prediction about the real estate market in Gajwa-dong, Hotan-dong around Gyeongsang National University, where the growth possibility is high due to the creation of innovative city in Jinju city, the development of new Jinju railway station areas, the creation of national aviation industrial complex and the issues involved with the relocation of the traffic center will be utilized.
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