3.2.2. Local Development or Public Facilities, and Important Facilities

3.2.1. External Capital Inflow In Korea, the influence of land and building owners is absolute. Thus, even if an outsider contributes to the holder, there is no burden of property tax, capital tax, and taxation. In other words, the so-called 'good news' profits all go to the landholders, not theirs. Industrial complexes, social overhead capital, current local residents and artists, and external investments such as efforts to revive the neighborhood are the so-called 'good news'; the profits all go to the landholders, not them. Therefore, it is important to analyze the impact of good conditions on real estate, and bad conditions need to be analyzed as well. Not surprisingly, if public facilities or important facilities come in next to residential or commercial areas, the value of the real estate increases as the number of floating populations increases and investment increases. On the other hand, if rumors that public facilities will be transferred to other areas fail to attract important facilities, the value will decrease; in the Republic of Korea, however, it is common to minimize damage by bringing in other major facilities to appease opposing local residents, and to take follow-up measures with lawmakers' politics. In the current paper, the real estate market was focused on Gangnam-gu and divided into six living zones.

#### 3.2.2. Local Development or Public Facilities, and Important Facilities 3.2.3. Commercial Growth

*Symmetry* **2021**, *13*, x FOR PEER REVIEW 13 of 25

**Figure 12.** Republic of Korea's foreign exchange reserves (\$100 million).

Not surprisingly, if public facilities or important facilities come in next to residential or commercial areas, the value of the real estate increases as the number of floating pop-As the commercial area grows, if the land or building in the area is owned, the profit gained from the rental income or land transaction becomes relatively large. There is a need to be cautious when the existing holders pay for everything and sell all of them at high prices when trading with the right to name the premium commercial zone. Among the commercial districts in Seoul, the most popular commercial districts are Hongdae, Sinchon, Hanyang University, and Keonkuk University, but not all of the commercial districts are growing. Although it plays a part in the flow of traffic, factors which promote the growth of commercial areas are needed. As an example, Hongdae's commercial district has a growing population, unlike other commercial districts. The reason the Hongdae commercial area is gradually growing is that it is expanding into Donggyo-dong, Yeonnam-dong, Sangsudong, and Hapjeong-dong, and the charm of the old and new generations overlaps with Korean and exotic ones. As a result, commercial areas grew in the past as residential areas turned into clothing stores and restaurants. The second attraction of the Hongdae area is creative diversity. As shown by the recent SBS (Seoul Broadcasting System) entertainment Jong-won Baek alley restaurant, we can find different charms in the Hongdae area, too, as each block has a new charm. Transportation and important facilities are indicative of the growth of the commercial area, but it can be seen that the attractive part can also promote the growth of a commercial area [39]. Figure 14 shows the variation in the number of stores in each living zone.

variation in the number of stores in each living zone.

ulations increases and investment increases. On the other hand, if rumors that public facilities will be transferred to other areas fail to attract important facilities, the value will decrease; in the Republic of Korea, however, it is common to minimize damage by bringing in other major facilities to appease opposing local residents, and to take follow-up measures with lawmakers' politics. In the current paper, the real estate market was fo-

As the commercial area grows, if the land or building in the area is owned, the profit gained from the rental income or land transaction becomes relatively large. There is a need to be cautious when the existing holders pay for everything and sell all of them at high prices when trading with the right to name the premium commercial zone. Among the commercial districts in Seoul, the most popular commercial districts are Hongdae, Sinchon, Hanyang University, and Keonkuk University, but not all of the commercial districts are growing. Although it plays a part in the flow of traffic, factors which promote the growth of commercial areas are needed. As an example, Hongdae's commercial district has a growing population, unlike other commercial districts. The reason the Hongdae commercial area is gradually growing is that it is expanding into Donggyo-dong, Yeonnam-dong, Sangsu-dong, and Hapjeong-dong, and the charm of the old and new generations overlaps with Korean and exotic ones. As a result, commercial areas grew in the past as residential areas turned into clothing stores and restaurants. The second attraction of the Hongdae area is creative diversity. As shown by the recent SBS (Seoul Broadcasting System) entertainment Jong-won Baek alley restaurant, we can find different charms in the Hongdae area, too, as each block has a new charm. Transportation and important facilities are indicative of the growth of the commercial area, but it can be seen that the attractive part can also promote the growth of a commercial area [39]. Figure 14 shows the

cused on Gangnam-gu and divided into six living zones.

3.2.3. Commercial Growth

**Figure 14.** Number of stores in six local living areas. **Figure 14.** Number of stores in six local living areas.

## 3.2.4. Traffic 3.2.4. Traffic

Transportation is considered to have the closest relationship to the real estate market [40]. It also has a great influence on the growth of the commercial area, education, and the location of important facilities and development zones. Therefore, even in real estate, the area is within a 500 m radius centered on the subway, or within 5~10 min on foot. The station area is the most important factor in determining the real estate price. Placing railway- and public transportation-related items as one of the policies is the biggest factor in the real estate market. If the traffic is far from the commercial area or inconvenient, real Transportation is considered to have the closest relationship to the real estate market [40]. It also has a great influence on the growth of the commercial area, education, and the location of important facilities and development zones. Therefore, even in real estate, the area is within a 500 m radius centered on the subway, or within 5~10 min on foot. The station area is the most important factor in determining the real estate price. Placing railway- and public transportation-related items as one of the policies is the biggest factor in the real estate market. If the traffic is far from the commercial area or inconvenient, real estate foreclosure will increase due to populations moving to other areas. In this way, traffic may overheat the real estate market; on the contrary, it shows the ability to suppress it. According to a paper in the United States, the way to suppress the rise in real estate prices is the expansion of the railroad network, which extends the radius of people's living to the outskirts. This is to ensure that Korea is distributed to the outlying areas by expanding urban railroads and developing new cities in order to prevent the overheating of the local real estate market. Blast furnace transportation is one of the most important factors in predicting future land prices, as it has a great influence on the land price.

Gangnam-gu opened Line 9 at the beginning of year 15, opening the Samsung Central Station, Bongeunsa Station, Seonjeongneung Station, and Eonju Station. At the end of year 16, an SRT against the Korean high-speed rail KTX was built in the Suseo and Segok regional living zones in Gangnam-gu, with a wide area bus linking other regions introduced in year 17.
