A Study on the Development of Station Areas and Ex-railway Real Estate in Accordance with Regional Characteristics

지역특성에 따른 철도부동산 개발유형 연구

Accumulated deficits resulting from managing the Korean Railroad and debts from the construction of the KTX (Korea Train Express which is a high-speed rail system) have left the Korean Railroad faced with great troubles. Since it changed into a public corporation Korail on January 1st, 2005, the Korea Railroad has been making unceasing efforts to overcome the troubles and improve its management. However, even these efforts haven't worked in the face of the improved conditions of other transportation methods such as better networks of land roads and air ways. The Korea Railroad had its revenue from its railway transportation limited, and has tried to expand its business to non-transportational areas. In some metropolitan cities, the Korea Railroad made investments in real estate by constructing station buildings based on private money. Yet, in small and medium size cities, the Korea Railroad has little particular strategic projects for business development. Recently certain small and medium size regional cities began to plan on business developments for the ex-railway land, and some small towns have developed real estate on the ex-railway land. Nevertheless, there have been no systematic case studies to classify these real estate developments.