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A Study of Seoul Apartment Markets Response on Housing Policy

  • Korea Real Estate Review
  • 2013, 23(1), pp.41-65
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

Kim Moon Sung 1,  Bae, Hyung 1

1동국대학교

Accredited

ABSTRACT

This study examined how the housing policies have effect on the apartment markets by dividing periods such as regulation and deregulation periods in Seoul. To do this, the housing policies were clearly organized since 2003, and regulatory index was defined. An empirical test is performed using monthly panel data from January 2003 to December 2011. During the data period, government’s policies on apartment trade has switched to the deregulation policies from regulation policies in August 2008. According to panel VAR analysis, apartment markets in Seoul reacted against housing policy during regulation period. But apartment markets responded housing policy and did not react the direction of policy during deregulation period. Panel Logit analysis shows generally similar results of panel VAR analysis. The paper finds that the housing policies were efficiency better deregulation policies than regulation policies.

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