@article{ART002824255},
author={Sim, Jun Ho and Jihwan Kim and Changha Jin},
title={Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2022},
volume={32},
number={1},
pages={7-23},
doi={10.35136/krer.32.1.1}
TY - JOUR
AU - Sim, Jun Ho
AU - Jihwan Kim
AU - Changha Jin
TI - Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market
JO - Korea Real Estate Review
PY - 2022
VL - 32
IS - 1
PB - korea real estate research institute
SP - 7
EP - 23
SN - 2092-5395
AB - This study examines the announcement and withdrawal effects of redevelopment on residential housing price. Based on 15,540 multifamily housing transaction data from 2006 to 2018, we adopt the difference-in-difference method to examine a possible asymmetric effect of announcement and withdrawal of redevelopment project in Seoul. We find that the positive announcement effect exists with a 10% premium observed in the Seongbuk area, whereas a significant decrease is determined in the residential housing price in the Yeondeoungpo area. We attribute this to the increasing concerns about the 2018 Global Financial Crisis. Moreover, regarding the withdrawal effect of redevelopment, we find a decrease of 19% and 9% in both areas. Thus, the relative announcement and withdrawal effects of redevelopment are statistically significant. Therefore, communication with public and private participants is crucial to minimize a possible loss of social welfare.
KW - Residential Improvement Project;Difference-in-Difference;Housing Price;Asymmetry Analysis
DO - 10.35136/krer.32.1.1
ER -
Sim, Jun Ho, Jihwan Kim and Changha Jin. (2022). Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market. Korea Real Estate Review, 32(1), 7-23.
Sim, Jun Ho, Jihwan Kim and Changha Jin. 2022, "Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market", Korea Real Estate Review, vol.32, no.1 pp.7-23. Available from: doi:10.35136/krer.32.1.1
Sim, Jun Ho, Jihwan Kim, Changha Jin "Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market" Korea Real Estate Review 32.1 pp.7-23 (2022) : 7.
Sim, Jun Ho, Jihwan Kim, Changha Jin. Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market. 2022; 32(1), 7-23. Available from: doi:10.35136/krer.32.1.1
Sim, Jun Ho, Jihwan Kim and Changha Jin. "Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market" Korea Real Estate Review 32, no.1 (2022) : 7-23.doi: 10.35136/krer.32.1.1
Sim, Jun Ho; Jihwan Kim; Changha Jin. Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market. Korea Real Estate Review, 32(1), 7-23. doi: 10.35136/krer.32.1.1
Sim, Jun Ho; Jihwan Kim; Changha Jin. Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market. Korea Real Estate Review. 2022; 32(1) 7-23. doi: 10.35136/krer.32.1.1
Sim, Jun Ho, Jihwan Kim, Changha Jin. Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market. 2022; 32(1), 7-23. Available from: doi:10.35136/krer.32.1.1
Sim, Jun Ho, Jihwan Kim and Changha Jin. "Announcement and Withdrawal Effect of Residential Redevelopment on Residential Housing Market" Korea Real Estate Review 32, no.1 (2022) : 7-23.doi: 10.35136/krer.32.1.1
