• Journal of the Economic Geographical Society of Korea
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• v.20 no.3
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• pp.405-418
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• 2017

SHIFT is public rental housing policy introduced by Seoul Metropolitan in 2007, which works as Chonsei(korean unique deposit rental system). This paper examines the effect of SHIFT on Chonsei prices of neighborhood apartments. To estimate the change in prices of Chonsei after the provision of SHIFT, I collect data on Chonsei prices of apartments within a 5km radius from the SHIFT housings. Summary of main results are following. Chonsei prices of the apartments within a 2-3km radius decreased by 4.4% after the provision of SHIFT housings. In contrast, when it comes to apartments within a 1-2km radius, I can't find the stochastic relationship between the provision of SHIFT hosing and price changes. This results can be explained by "Offset effects" caused by real estate development. Provision of SHIFT can sequentially induce nearby area's development, which plays a factor in the effect of price increases. And this offset effects varies in each apartment complex depending on demand for Chonsei and supply of the SHIFT.

• The Journal of the Korea Contents Association
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• v.13 no.7
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• pp.432-439
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• 2013

In this study, we evaluate the volatility of housing prices by using literature review and empirical analysis and furthermore we suggest how to improve. In order to diagnose housing market, the KB Bank's House Price Index, Real estate 114;s materials were compared. In addition, to examine the volatility, GARCH (Generalized Autoregressive Conditional Heteroskedasticity) and EGARCH (Exponential GARCH) model are used. By analysis of this research, we found the volatility of housing price also was reduced in the medium and the large houses since 1998, while the volatility of small housing price relatively was large. We proved that the price change rate of small housing was higher than the medium's. On the order hand, the supply of small apartments fell down sharply. The short-term oriented policy should be avoided, and the efficiency and credibility of policy should be increased. Furthermore, the long-term policy system should be established. and rental market's improvement is necessary for stabilization of housing market.

• Land and Housing Review
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• v.4 no.4
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• pp.361-370
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• 2013

The purpose of this paper is to appraise Bogeumzari Housing Program(BHP) which is providing public housing of different types for the target brackets on a matching system basis. Especially, on government's announcing BHP plan with the designation of several Bogeumzari districts in Seoul Metropolitan area, they raised a question about target groups' receiving the benefits of BHP plan and this paper focuses on the question. We tried to analyze two topics. First one is about the exorbitant windfall profits to the future potential residents derived from low price or rental cost of Bogeumzari Housing in comparison with neighborhood's market price. Second one is the low possibility of low-moderate income household's access to absolutely high price Bogeumzari Housing that is because the market price is so high in some area. BHP includes not only long-term public rental hosing(Permeant rental housing, National rental housing) for low income households but also other types of public rental housing(10-year rental housing, shared-ownership rental housing) for moderate income households. So, in this study we tried to find out the affordability of each bracket in three public housing types, which are public sales housing(condominium), 10-year rental housing and shared-ownership rental housing. Through analyzing the housing affordability by types, regions, size, we tried to seek the answer to the controversy and propose policy implications related to the future public housing programs.