Recently the reconceptualization of public concept of land which was introduced to prevent land speculations and sudden rises in land price has attracted interest from policy-makers and academics in Korea. This interest raises questions about how to reflect market trends in the previous public concept of land. This paper is aimed at suggesting the model and policy means directions for introduction of the market-aware public concept of land.
The major policy implications are summarized as follows: Firstly, this study suggests the expansion of land banking by public sector. Secondly, this paper also proposes the introduction of market-aware urban planning system and more flexible regulatory system as a means of land-use control. Finally, this study also presents that the reform of recapture system of land development gains will be needed. Building a more sustainable market-aware public concept of land is very important because land speculations and sudden rises in land price appear repeatedly in terms of historical viewpoint.