After the Korean economic crisis in 1997, housing prices dropped at an unprecedented magnitude
during the following year. Housing prices were recovered partly with the help of housing policies to boost depressed
housing markets. Especially, the degr ...

After the Korean economic crisis in 1997, housing prices dropped at an unprecedented magnitude
during the following year. Housing prices were recovered partly with the help of housing policies to boost depressed
housing markets. Especially, the degrees of recent housing price increases after the mid-2001 have been noticeable
and the level of housing prices reached beyond its level of 1997. However, the analysis of housing price changes
within the Seoul metropolitan area demonstrated that the degrees of house price changes were not even across the
urban space during the period of recent housing price increases. Particularly, implementations of and expectations for
redevelopment plans of some old apartment units in Seoul seemed to intensify the trend of rising house prices in some
areas in the southeastern part of Seoul, especially for the case of Chonsei deposits. As a result, the disparities within
the cities in the Seoul metropolitan area and in the intra-urban housing space have been widened and the polarization
between some areas in the southeastern part of Seoul and the rest part of the city has been increased.