jaue2015029: An Analysis of the Effect of Gentrification on Building Use Change and Land Price Fluctuation in the Urban District - Focused on Itaewon Kyungridan-Gil

Abstract

This study analyzes the effect of gentrification on the urban district by examining the correlation between store type changes and land prices within a district where the phenomenon of gentrification occurs in Soul, Korea. This study examines the building use, store area, number of building use changes, and the appraised value of land from 1990 to July 2015 with regard to buildings located alongside the main street, Itaewon Kyungridan-Gil, Seoul. As a result, building use in the target district has been 121 times changed, and 46 of the changes were in a restaurant. The total area of stores in buildings within the target district was 20417.37m2 in 1990 and 34214.84m2 in 2015, which indicates that the total area in 2015 is 167.57% of that in 1990. The appraised value of average land per 1m2 is 6,666,106 KRW, which indicates a 492 % increase compared to 1,354,444 KRW in 1990. Thus, the phenomenon of gentrification has increased land prices and affected store areas, building use rates, and building use changes.