2015, Vol.25, No.4

Korea Real Estate Review 2023 KCI Impact Factor : 0.56

pISSN : 2092-5395 / eISSN : 2733-8339
https://journal.kci.go.kr/krer

This study focuses on the effect of key monetary policy variables and mortgage credit policy indicator, liquidity-related variables on the real estate price volatility dynamics in korea. For this purpose, the independent variables and the dependent variables were converted to a volatility–related variables. Based on monthly data from January 1998 to August 2013, it demonstrates underlying relation between the real estate market and monetary policy. Empirical result shows that both expansionary monetary policy (declining interest rates, faster money supply growth) and non-mortgage credit policy tends to accelerate the subsequent home price growth rate. however, restrictive monetary policy (rising interest rates, slower money supply growth) and the introduction of mortgage credit policy tends to decelerate the subsequent home price growth rate. Through the results, This study finds that monetary policy factors are the important driving forces behind the change of real estate price growth rate. Furthermore, a bullish stock market related to accelerate subsequent home price growth rate. Finally, hot money flow not have statistically significant effects on the home price growth rate.

Sejong City is a special district where involuntary moves including those of public officials, and voluntary moves for settling down in better residences are realized simultaneously. Citizens residing in Sejong City were set as a parent population for the survey, In order to confirm relationships among the environmental factor, educational factor, economic factor, social/urban infra factor, and cultural factor, which are residence determinants, and their relationships with Sejong City satisfaction, hypotheses were verified by using a structural equation model. As a result, the economic factor, environmental factor, educational factor, and social/urban infra factor turned out to influence Sejong City residential satisfaction, and the educational factor turned out to influence the factors, and all the factors excluding the cultural factor influence Sejong City residential satisfaction. The study results indicate that establishment of infrastructures such as transportation facilities, medical facilities, and neighborhood/commercial facilities should be more promoted than the economic factor such as housing prices. It was analyzed that voluntary movers have higher social/urban infra satisfaction than involuntary movers.

The main purpose of this study is to analyze the housing demand characteristics of older households using housing demand function. For this purpose we classify older households as those persons over 55 years of age, and break this group down further into 3 sub-groups (55-64, 65-74, and 75 years and older). Employing 2010 Korea Housing Survey data, the two-stage Heckit model was estimated and the marginal effects and elasticity of the major explanatory variables are additionally calculated. Estimation results show that the 55-64 and 65-74 household categories show a tendency to reduce their housing size, while the overall probability of home ownership in general, decreases for the 75 years and over household category.