Seongdong-gu, First Local Government Nationwide to Build Big Data on Commercial Rent

Initiating Public Data Construction to Proactively Prevent Gentrification Targeting Entire Local Commercial Areas for the First Time in Basic Local Governments... Secured 200 Million KRW in National Funding for Public Data Construction and Opening, Creating Jobs by Hiring Youth Interns in the Data Field

Seongsu-dong Semi-Industrial Area

[Asia Economy Reporter Jongil Park] Seongdong-gu (Mayor Jeong Won-oh) is the first basic local government nationwide to build big data on commercial rent, open it as public data, and embark on a proactive gentrification prevention project to protect local commercial districts.

This year, the district secured a budget of 200 million KRW by being selected for the Ministry of the Interior and Safety’s ‘2021 Public Data Enterprise Matching Support Project.’ To diagnose and respond to gentrification phenomena, it plans to build detailed and systematic data on rent increases and establish proactive policies for areas showing sudden signs of rent hikes.

Accordingly, the district will build data that surpasses the limitations of existing statistical and partial rent data, constructing rent information including commercial facility rent prices in more precise spatial units, securing over 5,000 sets of time-series data, and opening it as public data.

In particular, by conducting detailed surveys such as field visits and questionnaires together with 20 young interns specialized in the data field, the district will create youth jobs and build high-quality data by securing measured data rather than estimates.

After building the data, the district explained that it will diagnose gentrification phenomena more realistically, disclose high-quality commercial rent and commercial district information, and help reduce the information gap for small business owners and prospective entrepreneurs.

Since 2015, the district has been the first nationwide to focus on the gentrification issue, achieving results such as creating related ordinances and leading amendments to the Commercial Lease Protection Act. It has been fully committed to protecting local commercial districts through safe commercial district operations, expanding win-win agreements, and operating win-win community academies.

Jeong Won-oh, Mayor of Seongdong-gu, said, “With the construction of commercial rent data this time, it will be effectively utilized for revitalizing the local economy including small business owners and supporting gentrification policies.” He added, “We will continue to build and open public data necessary for daily life so that residents can easily and conveniently access the information they need in the digital age.”