This study seeks to examine some basic data regarding the expansion of public land banking and its effective management, thereby building an appropriate foundation for the government’s management of public land banking for the Fourth Comprehensive National Territorial Plan.
After having adopted the relief plans of the International Monetary Fund (IMF) to overcome the financial crisis at the end of 1997, Korea’s land market was extremely stagnated. Existing policies that originally aimed to control speculation were reassessed, while attracting foreign direct investment (FDI) rose as the urgent task in overcoming the crisis and economic recession. Thus, a reform in removing regulations to attract investment was inevitable. Recent conditions of the land market and changes in policies are demanding a change in the fundamental paradigm of land policy. To be able to address the fast-spreading liberalization and globalization, policies must be directed towards adjusting the overall land supply through the market.
The concept of public land banking can be defined as the state or public sector’s act of acquiring, managing, developing, utilizing, disposing of or renting commodities such as land, with an aim to stabilize the property market and achieve a sound national economy. As public land banking needs an expansion in terms of its scope, the major reasons can be summarized as the following: to improve the efficiency of land utilization and meet the demand for public land development; to adjust land supply and stabilize the real estate market; to redeem development profit and build an equal system of land distribution; and to develop an appropriate policy by integrating various existing policies.
To evaluate land banking policies according to their objectives, medium and-short-term goals on market regulation show inadequate performance in terms of policy function, but is in accordance with existing policies. On the other hand, goals related to achieving social equity and meeting development needs show desirable performance, but need improvement for it to stand in accordance with existing policies.
The objective structure of policies should be established in a three-level scheme (policy objective, immediate objective, management objective) while allowing room to make emphasis on different sub-goals allow for more flexibly. As a policy enforcement tool specifically carrying out the objective scheme, policies should carry out both the primary duties on acquisition, utilization, and disposal of reserved land, while also carrying out other relevant tasks on spatial planning, land finance, and market information.
For the land banking authority to be able to complete the anticipated tasks on land banking and efficiently acquire and reserve [is reserve intended here, or preserve?] land, legal and institutional backup on the acquisition, possession, disposal, and utilization of land will be greatly needed. Thus, the study offers a countermeasure for the land banking authority’s effective land reservation. [is reservation intended here, or preservation?]
- 공적토지비축 확대 및 효율적 운용방안(Study of the expansion of the public land banking system and its effective management plan)
공적토지비축 확대 및 효율적 운용방안(Study of the expansion of the public land banking system and its effective management plan)
|Series Title; No||Working Paper / 99-58|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Territorial Development < National Land Development|