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Examining Price Changes in Apartments in Seoul

  • Korea Real Estate Review
  • 2024, 34(2), pp.57-71
  • DOI : 10.35136/krer.34.2.4
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Received : October 24, 2023
  • Accepted : June 21, 2024
  • Published : June 30, 2024

Yu, Sanggyun 1 Rhee, Hyok-Joo 2

1대진대학교
2서울과학기술대학교

Accredited

ABSTRACT

During President Moon’s 5-year term, housing prices in Seoul increased by 62%, leading to widespread public uproar and ultimately his removal from office. Many factors have been proposed as potential explanations including speculation, the pandemic, excessive global liquidity, household debt, insufficient housing supply, and the government’s frequent policy interventions in the market. We simulate the impact of government factors on housing prices, considering them as exogenous variables (regime factor) and endogenous variables (policy interventions). In addition to the pandemic-induced price hike, most price increases under the Moon administration can be attributed to government factors. In May 2022, the conservative government succeeded the Moon government, leading to a rapid mean reversion of the house price to the long-run price.

Citation status

* References for papers published after 2022 are currently being built.

This paper was written with support from the National Research Foundation of Korea.