Browse > Article
http://dx.doi.org/10.5762/KAIS.2021.22.5.433

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

Koh, Young Chon (Department of Urban Planning Policy, Incheon National University)
Shin, Jong Hwa (Department of Urban Planning Policy, Incheon National University)
Publication Information
Journal of the Korea Academia-Industrial cooperation Society / v.22, no.5, 2021 , pp. 433-442 More about this Journal
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.
Keywords
New Stay; Michuhol-gu; Incheon; Gwonseon-gu; Suwon; Housing Market; Difference-in-Differences;
Citations & Related Records
연도 인용수 순위
  • Reference
1 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.
2 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.
3 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.
4 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.
5 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
6 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.
7 Ministry of Land, Infrastructure and Transport. http://rt.molit.go.kr/pre.html (accessed Jan. 18, 2021).
8 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   DOI
9 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.
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. 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.
12 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.
13 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   DOI
14 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
15 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.
16 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.