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http://dx.doi.org/10.5345/JKIBC.2022.22.1.081

Analysis of Short-Term Impact of Tax Policy on Housing Purchase Price in Small and Medium-sized Cities in Korea  

Oh, Kwon-Young (Department of Architectural Engineering, Hanbat University)
Jeong, Jin-Won (Department of Architectural Engineering, Hanbat University)
Lee, Donghoon (Department of Architectural Engineering, Hanbat University)
Publication Information
Journal of the Korea Institute of Building Construction / v.22, no.1, 2022 , pp. 81-90 More about this Journal
Abstract
With apartment purchase prices rising, small and medium-sized cities have been highlighted as areas in which real estate speculation is overheated, and thus designated as target districts for adjustment. In addition, tax policy is constantly being adjusted in an attempt to stabilize real estate prices. The purpose of this study is to analyze the basic effect of tax policy on the purchase price of apartments in small and medium-sized cities. This study selected apartments in the Daejeon area that were constructed between 1990 and 2015. In addition, tax policy was divided into regulatory policy and easing policy based on tax increase and tax cut. This study analyzes the short-term difference of one year before and after the change in the purchase price of apartment houses. In addition, this study set the time when real estate policy was implemented and the actual transaction price of apartments in Daejeon as the analysis targets, and analyzed the correlation between tax policy and apartment sales prices through the NPV technique and T-test results. Through the study, it was found that most tax policies changed apartment purchase prices in the short term.
Keywords
tax policy; apartment purchase price; short-term impact of tax policy; small and medium-sized cities; market price;
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