The Characteristic of the Capital and Non-capital Apartment Markets Found through Cointegration Tests

Imho Kang; Cho Youngjin

doi:10.15793/kspr.2014.80..005

This study aims to analyse the relationship between junse price indexes, between sales price indexes, between junse-sales ratios, and finally between junse and sales prices of Gangnam, Gangbuk, and six metropolitan areas, using cointegration tests considering lagged relationship of variables. The results are summarized as follows. First, junse indexes are strongly cointegrated nationwide. On the other hand, the sales indexes are cointegrated inside the capital and non-capital areas respectively, but not between the two areas. Second, junse-sales ratios are weakly cointegrated between the two areas. Third, junse and price indexes are not cointegrated with each other in the capital areas, but are in the non-capital areas. These findings imply that the nationwide apartment market can be divided into the capital area with unstable sales prices and the non-capital areas with stable sales prices, but generally can be viewed as one market.

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* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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