2025, Vol.35, No.3

Korea Real Estate Review 2024 KCI Impact Factor : 0.38

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

This study examines the time-varying and nonlinear causal relationships among cryptoassets, real estate, and stock markets in Korea, with particular focus on the Gangnam 3 district. The cryptocurrency indicator was expanded to include the market capitalization of Bitcoin, Ethereum, and altcoins (TOTAL2). Using time-varying parametric vector autoregression, Markov-switching, and nonlinear Granger causality econometric models, we investigate how asset market linkages evolve through phase transitions and structural shifts. The results show, that the causal relationship between virtual assets and Gangnam 3 real estate, overlooked in linear models, becomes statistically significant in nonlinear models under conditions of high volatility or sharp price changes, with direction and strength shifting over time. Additionally, asset market linkages adjusted in response to external shocks (e.g., interest rate changes, economic cycles, and global financial events). Furthermore, the Gangnam 3 real estate market displayed stronger interactions with crypto and stock markets than other regions of Seoul and the country, and responded differently to external shocks.

This study highlights vacant housing abandonment as a critical factor in redirecting the focus of vacant housing management policies from addressing the reallocation of unused buildings to considering their impact on surrounding residents. Among the various vacant housing selection evaluation criteria proposed previously, this research specifically examines the relative importance of abandonment criteria. Notably, structural and legal stabilities are the most essential factors in effective vacant housing management. This underscores the importance of ensuring legal compliance and physical safety to enhance the potential for future utilization and maximize the economic efficiency of management efforts. Furthermore, to optimize the allocation of economic resources, social costs such as management expenditures should be differentially distributed per relative importance of subfactors. The findings offer a new reference framework for vacant housing policy, enabling more comprehensive assessments of the structural attributes and economic feasibility of vacant properties.

This study empirically examines the structural effects of public rental housing on households’ willingness to homeownership. Using microdata from the 2023 Korea Housing Survey conducted by the Ministry of Land, Infrastructure and Transport, a Generalized Structural Equation Model was employed with sampling weights applied. The analysis focused on three mediating variables—housing cost burden, asset levels, and housing satisfaction—for exploring the relationship between public rental housing and homeownership intention. Reportedly, public rental housing remarkably alleviates housing cost burdens and enhances housing satisfaction; however, these factors indicate limited pathways to influencing homeownership intention. In contrast, public rental housing was positively associated with asset accumulation, and the indirect effect of assets on homeownership intention was statistically significant. Therefore, public rental housing contributes to short-term residential stability and may shape long-term housing choices with asset building as a foundation.