| Abstract: |
Sharing economy has been growing and playing a significant role in the real
world. For instance, guesthouses allow people to share their home and provide
unique experiences to some travelers. However, it generates unexpected impacts
on the neighborhoods.- residents as well as local shops in these cities are at
risk of being forced out as property prices and rents rise due to the
uncontrollable flow of tourists. This paper examines the impacts of tourism
gentrification (touristification) on housing market, using a case study in
Seoul. The result shows that guesthouses, including Airbnb, bring tourists,
changes types of retails in the neighborhood, increases property values, and
eventually kicks out residents. It has changed the land use, ultimately led
displacement of local stores to new retail stores and franchises in the
community. Analysis of stakeholders indicates that both residents and mom and
pop shops are gentrified by new cafes and restaurants for tourists, but then
these new stores also become gentrified and turn into franchise in the end.
Moreover, it is found that as the real estate bubble bursts, the guesthouse is
considered as profitable and the return on investment in guesthouse is higher
than that of apartments and officetel in Seoul. The in-depth interviews with
residents also reveal that it accelerates the relocation cycle of tenants due
to the capital into the real estate market. This change of real estate
investment trend demonstrates the importance of consumption-oriented
activities in residential space and suggests the role of government and policy
recommendations to ease rising rent in tourist areas. |