Housing Submarket Analysis of the Capital Region

김주영; Kyoung Woo

Most of housing research assumes that housing market is one and coefficient of hedonic price function is constant regardless of regional characteristics. In reality, it is more reasonable that housing market is divided by several submarkets. Our study focus on housing submarket of the Capital Region, Korea. There are several benefits in analysing housing submarket study. First, housing submarket analysis can give us an understanding for spatial structure of the capital region so it contribute to set up more efficient housing policy for this region. Second, performance of hedonic price function will be higher in case of mass appraisal of housing prices. The main conclusion is as follows. Housing market division of our research was represented as meaningful results. The comparison was conducted by standard error of the hedomic price model. First, housing submarket model by the distance to city of Seoul appeared more efficient predictive power than those of entire model by 7.9%. Second, housing submarket model by statistical method was more efficient than those of entire model by 7.1%.

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REFERENCES (17)
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* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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