A panoramic view of Hwangridan-gil, a representative tourist attraction in Gyeongju, Gyeongsangbuk-do, provided by the National Heritage Administration.
The National Heritage Administration announced that the “Ancient City Image Restoration Project” conducted over the past 10 years in cities like Gyeongju and Gongju resulted in approximately 170 billion won in tourism effects.
On the 18th, the National Heritage Administration revealed the results of a study analyzing the effectiveness of the Ancient City Image Restoration Project, conducted from 2015 to 2024. As part of the project, about 71.9 billion won was invested in four locations: Gyeongju, Buyeo, Gongju, and Iksan. A total of 868 projects were supported, including improvements to residents’ living spaces like traditional Korean houses (hanok), landscape enhancements, and environmental maintenance.
According to the study, the cost-benefit ratio of the project was 2.43, confirming its economic viability. The social benefits from renovations such as the improvement of outdated buildings amounted to approximately 930 million won. The “indirect tourism benefits,” representing the economic impact of boosting local tourism, were about 174.15 billion won.
However, there was a significant regional disparity in the tourism effects. The tourism-induced benefits in Gyeongju amounted to approximately 155.9 billion won, accounting for 89.6% of the total benefits (about 174.1 billion won) from the four locations. Han In-kyu, CEO of Naru Consulting, which conducted the study, explained, “When considering the cost-benefit ratio, Gyeongju is around 4, while the other regions are estimated to be between 0.6 and 0.8.”
There was also a suggestion to increase awareness of the project among the general public. A survey conducted this year on 1,000 adults over 19 years old showed that the public’s recognition of the Ancient City Image Restoration Project was only 30.68 points out of a possible 100. Lee Jong-hoon, head of the Historic Sites Policy at the National Heritage Administration, stated, “We plan to address the gap in project performance between different regions, review rational resource allocation methods, and consider enhancing the autonomy of local governments.”