@article{ART003028017},
author={Bae, Yeong Gon and Chang-Deok Kang},
title={The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2023},
volume={33},
number={4},
pages={33-50},
doi={10.35136/krer.33.4.3}
TY - JOUR
AU - Bae, Yeong Gon
AU - Chang-Deok Kang
TI - The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity
JO - Korea Real Estate Review
PY - 2023
VL - 33
IS - 4
PB - korea real estate research institute
SP - 33
EP - 50
SN - 2092-5395
AB - Seoul City continues to promote urban development projects to respond to the increasing housing demand due to continued population growth and urbanization. Furthermore, it is establishing related support policies. This study analyzes the impact of housing supply through redevelopment projects, especially on apartment resale prices in the vicinity and provides insights for relevant policy development. Accordingly, the Heukseok 3 redevelopment area was selected as the target site, and apartment complexes within 500 m, 1 km, and 1.5 km of the target site were established as the treatment group, control group 1, and control group 2, respectively, with a total of 10,300 cases in 14 apartment complexes. The analysis used the difference-in-differences method and multilevel modeling. The results obtained at various stages of the project implementation indicated that the prices of the surrounding apartments decreased during the association establishment and completion approval stages, whereas price increases were observed during the project design and property management and disposal planning phases. Moreover, the extent of price increases and decreases varied with distance from the Heukseok 3 zone oriented to the policy. Through this study, we confirmed the impact of housing supply through redevelopment projects in neighboring areas. These findings can serve as valuable evidence for future housing policy development.
KW - Housing Supply;Development Effects;Difference-in-Difference;Multilevel Modeling;Development Effects by Project Stage
DO - 10.35136/krer.33.4.3
ER -
Bae, Yeong Gon and Chang-Deok Kang. (2023). The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity. Korea Real Estate Review, 33(4), 33-50.
Bae, Yeong Gon and Chang-Deok Kang. 2023, "The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity", Korea Real Estate Review, vol.33, no.4 pp.33-50. Available from: doi:10.35136/krer.33.4.3
Bae, Yeong Gon, Chang-Deok Kang "The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity" Korea Real Estate Review 33.4 pp.33-50 (2023) : 33.
Bae, Yeong Gon, Chang-Deok Kang. The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity. 2023; 33(4), 33-50. Available from: doi:10.35136/krer.33.4.3
Bae, Yeong Gon and Chang-Deok Kang. "The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity" Korea Real Estate Review 33, no.4 (2023) : 33-50.doi: 10.35136/krer.33.4.3
Bae, Yeong Gon; Chang-Deok Kang. The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity. Korea Real Estate Review, 33(4), 33-50. doi: 10.35136/krer.33.4.3
Bae, Yeong Gon; Chang-Deok Kang. The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity. Korea Real Estate Review. 2023; 33(4) 33-50. doi: 10.35136/krer.33.4.3
Bae, Yeong Gon, Chang-Deok Kang. The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity. 2023; 33(4), 33-50. Available from: doi:10.35136/krer.33.4.3
Bae, Yeong Gon and Chang-Deok Kang. "The Impact of Housing Supply Through Housing Construction Projects on Nearby Apartment Prices : Focusing on the Case of Heukseok3 Development Area and the Vicinity" Korea Real Estate Review 33, no.4 (2023) : 33-50.doi: 10.35136/krer.33.4.3
