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http://dx.doi.org/10.5762/KAIS.2017.18.10.170

A Study on Land price stabilization plan by Developing Prediction model of Land price -Focusing on Jeju special delf-governing province-  

Kang, Kwon-Oh (Department of Public Administration, Jeju National University)
Yang, Jeong-Cheol (Department of Public Administration, Jeju National University)
Hwang, Kyung-Soo (Department of Public Administration, Jeju National University)
Publication Information
Journal of the Korea Academia-Industrial cooperation Society / v.18, no.10, 2017 , pp. 170-177 More about this Journal
Abstract
The price of land in Jeju is reaching a new high every day and this phenomenon not only causes real difficulties for the purchase of real estate by local residents, but also results in psychological deprivation. Therefore, this study analyzes the factors causing the increase of the land price in Jeju, in order to examine the measures required to stabilize the land price which is continuously rising. As a result of this study, we developed a land price prediction model including seven variables, including the 'inflation rate', 'interest rate', and 'population'. According to the model, land prices in Jeju are expected to rise steadily, and it is predicted that in 2020 the price will increase to 170% of that in 2015 and will triple by 2025. Based on the results of this study, this study suggested policy alternatives, such as 'Establishing a tourism policy for managing the number of tourists' and 'increasing the approval standards for development activities'. The two policies proposed in this study can be implemented as a regional initiative, which may be less effective than the changes in the national system, but it is meaningful that the efforts to stabilize the land price will continue at the regional level.
Keywords
Land Price; Local Policy; Multiple Regression Analysis; Prediction Model; Real Estate;
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