Property-based redevelopment and gentrification: The case of Seoul, South Korea |
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Authors: | Hyun Bang Shin |
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Institution: | Department of Geography and Environment, London School of Economics and Political Science, Houghton Street, London WC2A 2AE, United Kingdom |
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Abstract: | The urban experiences of South Korea in times of its rapid urbanisation and economic growth show that wholesale redevelopment had been a dominant approach to urban renewal, leading to redevelopment-induced gentrification. This was led by a programme known as the Joint Redevelopment Programme, transforming urban space that was once dominated by informal settlements into high-rise commercial housing estates. This paper tries to explain how this approach was possible at city-wide scale in its capital city, Seoul. Through the examination of redevelopment processes in a case study neighbourhood, it puts forward three arguments. First, the development potential arising from the rent gap expansion through under-utilisation of dilapidated neighbourhoods provided material conditions for the sustained implementation of property-based redevelopment projects. Second, this paper critically examines the dynamics of socio-political relations among various property-based interests embedded in redevelopment neighbourhoods, and argues that external property-based interests have enabled the full exploitation of development opportunities at the expense of poor owner-occupiers and tenants. Third, South Korea had been noted for its strong developmental state with minimum attention to redistributive social policies. The Joint Redevelopment Programme in Seoul was effectively a market-oriented, profit-led renewal approach, in line with a national housing strategy that favoured increased housing production and home-ownership at the expense of local poor residents’ housing needs. |
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Keywords: | Urban redevelopment Real estate capital Rent gap Informal settlements Gentrification Seoul South Korea |
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