1. CONTENTS (1) RESEARCH OBJECTIVES This research estimates the expected earnings of redevelopment projects and attempts to analyze the factors which affect the housing price fluctuation in redevelopment area with focus on the study of the margin by the time difference between the sales and the move-in as an element of the expected earnings. (2) RESEARCH METHOD This research established an economic model of the project with using theoretical model in respect of the expected earnings of redevelopment projects and examined the distribution characteristics of economic feasibility with the case studies. This research also empirically analyzed the determinants of net price increase except general housing price increase of redevelopment from the time of the sales to the move-in through regression analysis. (3) RESEARCH FINDINGS There was almost no accounting development benefits in most redevelopment project areas, but big practical development benefits in respect of expected earnings reflecting the margin by the time difference between the sales and the move-in and the difference of sales price for between landowners and general purchasers. The housing price increase in redevelopment area is highly influenced by geographical conditions like accessibility and environmental characteristics as amenity factors. 2. RESULTS In the upphase of housing price, redevelopment projects have its conditions smoothly following economic sense which means the landowners expect increased development benefits after the projects. However in order to operate the project smoothly in stabilized present housing market, the relaxation of regulation with level of minimizing external diseconomy and the intentional consideration improving locational conditions in long term plan and having good environmental conditions are needed.