공익사업 해제지구의 실증분석에 관한 연구

초록

We show that designation of public works project district caused the financial loss in the land price after the designation has been canceled and then investigate the financial loss by using the quantifying methodology. We analyze the appraisal and assessment price of the land located in the canceled public works project district and their neighboring lands by using the Hedonic price model based upon a premise that financial loss is resulted from decline of land price. Our analysis shows that similar to official land price, the price of appraisal and assessment increases when certain area is designated as a public works project district. It may be resulted from the expectation of benefit that public works project will bring in the future. However, our study shows that since the increased land price is a bubble price which will eventually collapse and applying empirical analysis can be limited in investigating financial loss resulted from the cancellation of the designation of the district. The reason is that after the public works project is canceled, the official land price shows consistent decrease and the recognition on the possibility of cancellation of the district has no significant co-relation with the land price. The result of our study demonstrates that analyzing the financial loss from the designation of the public works project district is limited due to the increased price and our study suggests the theoretical basis for the exclusion of increased land price when the compensation for the land designated as a public works project has been undertaken. We believe that further case studies on the price of designated districts will be required by applying the diverse methodologies.

키워드