Korea Real Estate Review 2023 KCI Impact Factor : 0.56
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pISSN : 2092-5395 / eISSN : 2733-8339
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The Interrelationship between Land Price and Housing Price by Panel Simultaneous Equations Model in the Metropolitan Area
- Korea Real Estate Review
- 2013, 23(3), pp.207-233
- Publisher : korea real estate research institute
- Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
권현진 1, ByungRang Kim 2, Jung-Suk Yu 2
1단국대학교 일반대학원 도시계획 및 부동산학과 박사수료
2단국대학교
Accredited
ABSTRACT
Recently housing market in the Metropolitan area of Seoul has been busted, but land market has been stable at the same time. We empirically analyze the relationship between housing price and land price in the Metropolitan Area from January 2006 to March 2013, with panel two-stage least squares method. This model uses housing price and land price as endogenous variables and trading volume, human migration, macro economic influences as exogenous variables. And we also include a dummy variable of global financial crisis in October 2008. Based on these estimation results, housing price and land price have an endogenous interrelationship and land price has a strong influence on housing price. However the trading volume and human migration exert less influence on both prices. In particular, the fluctuations of CPI and also housing finance as family loan have more important determinants of housing price and land price. Furthermore, the results show that it will provide suitable real estate and financial policies to raise demand for housing and land market.
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