Due to an increasing amount of high rise apartment complexes and rapid city development, traditional houses and traditional housing districts have disappeared rapidly. Recognizing importance of traditional housing value, City of Seoul initiated public supports for traditional house preservation and revitalization of traditional housing district, especially Bukchon area. The purpose of this study is to examine the effects of public support for Bukchon area by investigating land value changes. Land value changes were compared among the three periods, 1) before the municipal support initiated ($1997{sim}1999$), 2) initial period of governmental policy and support ($2000{sim}2003$), 3) development period in which policy has activated and governmental preservation and revitalization efforts have exercised ($2004{sim}2007$). For the comparison of land value changes, houses in other districts in City of Seoul have been selected. As a result, land value has been changed along with land value changes in other areas in Seoul. Land values of Bukchon area appeared in the middle range in Seoul area. However, the increasing rate of land value of traditional houses and traditional housing district are much higher than that of other areas. Except for economical support and legislation for preservation and revitalization of traditional housing district, there is few factors explaining the sudden increase of land values. The result indicated the positive impacts of municipal committment and policies on development and preservation projects and suggested that governmental policy and support should be practiced continuously for gradual development for the traditional housing district.