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Relationship between Political Ideology and Housing Prices

  • Korea Real Estate Review
  • 2025, 35(1), pp.29~44
  • Publisher : korea real estate research institute
  • Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate
  • Received : November 5, 2024
  • Accepted : March 21, 2025
  • Published : March 31, 2025

Heekwan Kim ORD ID 1,  Yang, Joon Sun 1,  Lee, Sang-Gun 1

1서강대학교

Accredited

ABSTRACT

We examined the relationship between political ideology and housing prices by analyzing housing price patterns based on the ruling government’s political ideology. Using data from 3434 samples across 17 cities, including Seoul, from January 2008 to December 2024, we analyzed housing prices alongside variables such as the political ideology of the central and local governments, interest rates, and housing permits. Results showed that progressive central and local governments are positively and negatively related to housing prices, respectively. Additionally, when the political ideologies of these governments are consistent, housing prices show a negative relationship. Therefore, political ideology affects housing prices, and when the central and local governments share the same ideological stance, housing prices tend to decrease. This finding can be interpreted as a result of policy alignment between the two levels of government, which contributes to housing price stability. Unlike previous policy studies, this study examined the relationship between policymakers’ political ideology and housing prices. It revealed that housing price stability improves when the central and local governments share the same ideology. Therefore, policy coherence between the two levels of government is necessary.

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