| Summary: | 碩士 === 國立成功大學 === 都市計劃學系碩博士班 === 92 === Urban renewal is usually a huge and complicated work; there are many landowners, house owners, renters involved in it, such that it causes a lot of difficulties in the process of urban renewal. In brief, ownership complexity, bargains of right and interest, problem of arranging and compensating for original inhabitants...etc are problems of urban renewal. These problems result in the uncertainty to complete an urban renewal project. It does not only increase the cost of urban renewal, but also discourage people to proceed urban renewal. Uncertainty causes high transaction cost, which might transform into housing price, therefore raise the difficulty of an urban renewal project. This study attempts to find out how high the transaction cost in an urban renewal project is, and what are the factors to affect the transaction cost.
This study is based on the “Transaction Costs Theory”. Owing to the disequilibrium nature of a real estate market, transaction costs may capitalize into housing prices in a market. By using housing price pair-wise data between urban renewal areas and its surrounding area, this study tries to examine the capitalization by the differences of prices between urban renewal areas and its surrounding area. This study takes the hypothesis that the housing price of urban renewal project would reflect transaction costs by capitalization phenomenon, and some of the factors of transaction costs in urban renewal project would significantly affect the housing price of urban renewal project.
The finding of the study shows that housing price of urban renewal project does reflect transaction costs. The ownership complexity is the principal factor which influences the housing price of urban renewal; therefore it is the main factor to represent transaction costs. I conclude that the main transaction cost in an urban renewal project is the negotiation and search costs.
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