Impact of gentrification on the degree of satisfaction of residents in residential areas

In the past 20 years in Seoul, South Korea, there have been continuous changes in deprived urban spaces, and, now, the urban trend that began with redevelopment projects has proceeded to regeneration and gentrification. Many Korean scholars are researching about gentrification-related issues, such as changes in physical environment and process of commercialization; however, researches on residents, the most essential element in urban space, have not been accentuated by the scholars. Consequently, this study attempted to put more emphasis on the residents living in the area. The purpose of this study is to reduce negative impacts of commercial gentrification on residents. It investigated general impacts of gentrification on the area; then, it examined the elements that influence the degree of satisfaction of residents. Finally, through factorial analysis, it verified the effects of gentrification on the study area. The results of the study show that the official land price, the number of building permits, construction permits, and pedestrians have increased. Also, a commercialization has been progressed in the gentrified area, and the overall residential satisfaction has decreased from the satisfaction level to the ordinary level. However, 10 of the 15 indicators of housing satisfaction rose and 5 indicators showed a decline, indicating that a gentrification does not give negative impacts on the region. Lastly, the factor analysis, conducted to figure out factors affecting the resident’s satisfaction of the local residents, revealed a degree of influence in the order of comfort, convenience, and accessibility. This study is differentiated from the previous studies for focusing on the residents of the gentrification phenomenon. In order to clarify further phenomenon of gentrification in residential areas and obtain more reliable results, surveys and questionnaires should be conducted to residents who are dissatisfied with the area or already left the area.