Journal of the Korea Academia-Industrial cooperation Society (한국산학기술학회논문지)

The Korea Academia-Industrial cooperation Society (한국산학기술학회)
권호 표지
DOI QR코드

DOI QR Code

Effects on the Housing Market by Supplying "New Stay" Apartments: Focused on the Two Areas, Michuhol-Gu, Incheon and Gwonseon-Gu, Suwon

뉴스테이 공급에 따른 주택시장 반응과 효과: 인천 미추홀구와 수원 권선구 지역에 관한 연구

  • Koh, Young Chon (Department of Urban Planning Policy, Incheon National University) ;
  • Shin, Jong Hwa (Department of Urban Planning Policy, Incheon National University)
  • 고영천 (인천대학교 도시계획정책학과 대학원) ;
  • 신종화 (인천대학교 도시계획정책학과)
  • Received : 2021.03.11
  • Accepted : 2021.05.07
  • Published : 2021.05.31
Download PDF
⟨ Previous Next ⟩

Abstract

This study analyzed the housing market before and after the New Stay movement which was introduced in 2015. In this study, the territories having a New Stay Project and non-involved territories were analyzed based on the apartment price changes according to supply for 12 months before and after the movement date. This study used the difference-in-differences statistical technique. A comparison was carried out in Michuhol-gu, Incheon between Dowha-dong where a New Stay Project was executed, and Sungeui-dong where no project was executed, based on the movement date. It was seen that the price level in the former territory was higher than the latter demonstrating that the introduction of the New Stay Project in Dowha-dong lowered the apartment prices nearby (Sungeui-dong). A comparison in Gwonseon-gu, Suwon between Omogcheon-dong where a New Stay Project was executed and Gosaek-dong where there was no such project, based on the movement date showed that the introduction of the New Stay Project in Omogcheon-dong seemed to lower or stabilize the apartment prices nearby (Gosaek-dong). These results imply that the apartment prices in nearby areas can be stabilized if the supply volume of company-type rental houses is increased.

본 연구는 2015년 도입된 뉴스테이 공급에 따른 입주 시점 전후에 대한 실증적 분석을 통해 뉴스테이 공급으로 인한 주택시장의 반응과 효과에 대한 정책적 시사점을 도출하고자 한다. 본 연구는 뉴스테이 사업이 적용된 인천 미추홀구 도화동, 수원 권선구 오목천동 지역과 미시행 지역은 유사지역인 인천 미추홀구 숭의동/주안동, 수원 권선구 호매실동/고색동으로 한정하여 입주일 기준으로 전후 12개월 동안의 공급에 따른 주택가격 변화에 대하여 분석하였다. 연구방법은 정책효과를 측정하는 대표적인 방법인 이중차분법을 활용하였다. 뉴스테이를 도입한 인천 미추홀구에서는 입주일을 기점으로 시행 지역인 도화동과 미시행 지역인 숭의동을 비교한 결과, 미시행 지역 가격보다 시행 지역의 가격수준이 높아 뉴스테이가 도화동에 도입되면서 인근지역(숭의동) 아파트 가격을 하강시키는 것으로 나타났다. 수원 권선구에서도 입주일을 기점으로 시행 지역인 오목천동과 미시행 지역인 고색동을 비교분석한 결과, 뉴스테이가 오목천동에 도입되면서 인근지역(고색동) 아파트 가격을 하강내지는 안정시키는 것으로 나타났다. 이러한 결과는 기업형 임대주택의 공급물량이 많아지면 주변 지역의 주택 가격을 하향 안정화 시킬 수 있는 것을 시사한다.

Keywords

References

  1. M. S. Choi, M. K. Lee, S. Y. Lee, "Risk analysis on the rate of return of construction type in NewStay rental housing REITs", Appraisal Studies, Vol.16, No.1, pp.143-164, 2017. DOI: https://doi.org/10.23843/as.16.1.7
  2. J. H. Byeon, A Study on the Valuation of the Enterprise-led Rental Housing Considering Housing Price Volatility: Focused on the Pilot Project District, Master's thesis, Hanyang University, Seoul, Korea, pp.28-31, 2016.
  3. S. J. Kim, Comparative Analysis of the Cost-Effectiveness Between Public and Private Rental Housing Policies, Master's thesis, Seoul National University, Seoul, Korea, pp.21-23, 2016.
  4. H. Y. Shim, A Study on the Determinants of the Expected Return on the Public Support Private Rental Housing REITs, Master's thesis, Konkuk University, Seoul, Korea, pp.25-26, 2019.
  5. B. K. Yoo, A Study on a Fostering Construction Lease business focusing on Financial Policy, Master's thesis, Konkuk University, Seoul, Korea, pp.34-37, 2016
  6. T. S. Son, A Study on the Improvement Schemes for Activating of the New Stay, Doctoral thesis, Dong-Eui University, Pusan, Korea, pp.52-57, 2016.
  7. J. W. Kim, A Study on Demand Characteristics for the Enterprise-type Rental Housing(New-Stay): Focused on The Full-Deposit Lease Tenants, Gimpo Pungmu District 5. Master's thesis, University of Seoul, Seoul, Korea, pp.40-43, 2016.
  8. S. D. Kim, S. C. Shin, J. J. Kim, Analysis of Economic and Social Effects of Construction of National Rental Housing Complexes in the Green Belt, Seoul: Korea National Housing Corporation, 2004.
  9. S. G. Lim, N. K. Sang, D. H. Oh, "The effect of public housing policy(SHift) on neighborhood housing price by lease on a deposit base", Journal of The Korean Urban Management Association, Vol.22, No.2, pp.245-264, 2009.
  10. S. E. Yoo, The Study of the Effect of Public Housing Policy on Neighborhood Housing Price by Lease on a Deposit Base: Focused on the Southeastern Area in Seoul, Master's thesis, Hanyang University, Seoul, Korea, pp.35-41, 2012.
  11. S. H. Lee, 2016. Research the Influence of Public Rental Housing Supply on Housing Charter Price of the Province, Master's thesis, Seoil University, Seoul, Korea, pp.24-27, 2016.
  12. H. D. Lim, A Study on the Effects of the Regional Economy on the NEWSTAY Development Project of the Relocating Southern Correctional Facility in Seoul: The Case of Guro-Gu, Seoul, Master's thesis, KyungHee University, Seoul, Korea, pp.46-49, 2018.
  13. G. S. Hwang, C. S. Park, "An analysis of DTI regulation effects in Seoul metropolitan area using difference in difference method", Housing Studies, Vol.23, No.4, pp.157-180, 2015.
  14. J. D. Angrist, J. S. Pischke, "Instrumental variables in action: Sometimes you get what you need", Mostly Harmless Econometrics: An Empiricist's Companion, pp.113-220, 2009. DOI: https://doi.org/10.1515/9781400829828-009
  15. J. M. Wooldridge, "Inverse probability weighted m-estimators for sample selection, attrition, and stratification", Portuguese Economic Journal, Vol.1, No.2, pp.117-139. DOI: https://doi.org/10.1920/wp.cem.2002.1102
  16. Ministry of Land, Infrastructure and Transport. http://rt.molit.go.kr/pre.html (accessed Jan. 18, 2021).