The Korea Spatial Planning Review 2023 KCI Impact Factor : 1.2
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pISSN : 1229-8638
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The Effects of Investment Value and Market Specific Value on Housing Tenure Choice in Housing Market: Focusing on Apartment Market
- The Korea Spatial Planning Review
- 2016, 91(), pp.19-40
- DOI : 10.15793/kspr.2016.91..002
- Publisher : 국토연구원
- Research Area :
Park, Jong Hoon 1, Lee, SeongWoo 1
1서울대학교
Accredited
ABSTRACT
The purpose of this study is to identify determinants of housing tenure choice. This study paid special attention to Korean apartment market incorporating indices of investment value and market specific value. By applying a multi-level logit model, this study accounted for not just household characteristics but also regional characteristics. With utilizing the housing survey data of KRIHS from 2006 to 2014, this study found that investment value affects homeownship positively; however, market specific value of sub-housing market affects the housing tenure choice negatively. Between 2006 and 2008 when housing price increased, investment value significantly affected homeownship. However, when decreasing housing price due to economic crisis, the investment value toward the apartment market reduced. This implies that investment value on housing tenure choice vary from both inside and outside market impact factors.
The contribution of this study includes: developing two important variables, investment value and market specific value, when analyzing the apartment tenure choice, which has not been applied previously, and diagnosing the apartment market to suggest policy implication related with housing issues.
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