Recently, large-scale urban redevelopment projects around Seoul Metropolitan Area are causing social problems as these projects have become stagnant for the nation-wide real estate market recession. The government and municipalities are engaging the problem with diverse of policy measures, but the effectiveness of the measures taken is unclear because of the structural deficiencies within current redevelopment system. In this context, this research aims to seek for the new policy directions through the analysis of the current status, economic rationale and mechanisms, and foreign policies.

Keywords : Residential redevelopment, Residential neighborhood regeneration, Housing Improvement Projects, Public interest