• Journal of the Korean Association of Geographic Information Studies
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• v.12 no.3
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• pp.101-115
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• 2009

The prompt recovery of housing market in Korea became the national task, for which tools that can analyze the influence that changing situation of housing market and new policy may have on the housing market needs to be developed. Thus, this research intends to develop Multi-Agent Housing Market Model and simulation system in Jinju City as a study area. Analyzing the local housing market of Jinju City, then multi-agent model of housing market that consolidates 3 sub-models, house choice model, hedonic model of house price and location choice model is developed. Moreover in order to develop simulation system the model is programmed in the virtual space of which the size is $150{\times}100$ cell including physical shape of city such as road, urban facilities, land use, etc. With the system, simulations are performed to confirm the impact of urban development on the pattern of residential location. As a result, it is found that the residential location can not be easily induced when only road, commercial and convenient facilities are supplied. However, it is also found that since supplying green results in very many residences, arrangement of infrastructure and environmental factor should be considered at the same time for urban development. As conclusion, it is confirmed that the model and simulation system developed in this research smoothly works to be utilized for the analysis of diverse policy experiment and housing market.

• Journal of the Korean Society of Industry Convergence
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• v.25 no.2_2
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• pp.315-322
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• 2022

Apartments are being established as a universal housing type because of the perception that they are excellent in preservation of asset values and convenience. In this study, through multiple regression analysis, it is a thesis that explores whether it affects the housing market in Gimhae, a small and medium-sized city in the province, and how the price flow in neighboring cities has an effect. It is possible to examine how macroeconomic variables such as the balloon effect and the lowest interest rate caused by the government's tweezers regulation bring about changes in the housing market of small and medium-sized cities in local regions.

• Proceeding of Spring/Autumn Annual Conference of KHA
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• 2006.11a
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• pp.231-236
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• 2006

The purpose of this study is to make realistic analysis of qualitative value for apartment view. This study is conducted in two ways. First, 6 apartment complexes in Daegu metropolitan city are selected as research subject. And then the following 4 activities are made in order: picture-data establishment, declared-price research, market-price research, and survey. Second, realistic analysis of qualitative value included in apartment price is made based on the above data. And then the value is compared with apartment's declared price which is a current tax index. The result shows that the view value included in apartment price is realistically different depending on many variables such as story/side, plot planning of apartment complex, view element, unlike the declared price mainly focused on story.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.480-488
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• 2016

As the subprime mortgage crisis spread globally, it depressed not only the financial market, but also the construction business in Korea. In fact, according to CERIK, the BSI of the construction businesses plunged from 80 points in December 2006 to 14.6 points in November 2008, and the extent of the depression in the housing sector was particularly serious. In this respect, this paper analyzes the influence of the financial market fluctuation on the housing market before and after the Global Financial Crisis using VECM. The periods from January 2000 to December 2007 and January 2008 to October 2015, before and after the financial crisis, were set as Models 1 and 2, respectively. The results are as follows. First, when the economy is good, the Gangnam housing market is an attractive one for investment. However, when it is depressed, the Gangnam housing market changes in response to the macroeconomic fluctuations. Second, the Gangbuk and Gangnam housing markets showed different responses to fluctuations in the financial market. Third, when the economy is bad, the effect of low interest rates is limited, due to the housing market risk.

• Korean Journal of Construction Engineering and Management
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• v.20 no.2
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• pp.68-78
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• 2019

Recently, housing prices have surged, and the government has implemented various regulations, such as finance and taxes. Because of the policy, the nationwide housing price have stabilized, but polarization has occurred. Some argue that regulation can adversely affect the actual demand. Therefore, not only the correlation between market variables but also ripple effect of policy has to be analyzed in policy planning and analysis from a microscopic point of view. In this study, a simulation model was developed by integrating system dynamics for analyzing market structure and agent-based model for modeling decision process of market participants. This research applied the financial regulation and the tax regulation to the model and evaluated the policy effectiveness. This study reveals which feedback dominates according to the policies, which have same purpose. It is because market participants make different decision for each policy. Furthermore, there were other ripple effects not only in the policy target submarket but also in other submarket.

• Korea Real Estate Review
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• v.28 no.2
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• pp.21-34
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• 2018

The purpose of this study is to investigate the effect of macro-finance variables on the correlation between the housing and stock markets because understanding the nature of time-varying correlations between different assets has important implications on portfolio allocation and risk management. Thus, we adopted the AG-DCC GARCH model to obtain time-varying, conditional correlations. Our sample ranged from January 2004 to November 2017. Our empirical result showed that the coefficients on asymmetric correlation were significantly positive, implying that correlations between the housing and stock markets were significantly higher when changes in the housing price and stock returns were negative. This finding suggested that the housing market has less hedging potential during a stock market downturn, when such a hedging strategy might be necessary. Based on the regression analysis, we found that the term spread had a significantly negative effect on correlations, while the credit spread had a significantly positive effect. This result could be interpreted by the risk premium effect.

• Journal of the Economic Geographical Society of Korea
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• v.5 no.2
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• pp.293-302
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• 2002

China in the era of economic transition has conducted the housing reform policy over the past 20 years. Housing providing systems have changed from the free distributing housing system under the governmental planning to the monetary housing system for individual customers. The 1998 monetary housing distribution policy, which ended the 20-year Chinese housing reform, departed from the direct distribution system that had blocked housing commodification. The purpose of the housing reform was to provide and reproduce housing without the expenses of the Chinese government and work unit (danwei), which is different from Russia. In order to achieve the housing reform, the Chinese government introduced various policies, which enabled residents to purchase housing by themselves. However, it took long for residents, who had taken government's welfare system granted, to accept housing as goods. In addition, the Chinese government's efforts to reproduce housing by market systems failed because housing was closely linked to land and was expensive consumption goods, which differentiates housing from other goods that can be commodified through market prices and diverse ownerships. Accordingly, despite a political burden, the Chinese government waived the real distribution policy for housing. After the waiver, the housing commodification process excelled through the private housing markets.

• 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.

• Architectural research
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• v.24 no.3
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• pp.85-91
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• 2022

The public rental housing policy aims to provide the housing to the vulnerable class who do not have enough credit to own houses. The Korean government introduced new policies for housing supply to improve the availability of new houses. However, it is difficult to expand the supply because of the accumulated deficit of public rental housing. In this study, the economic feasibility of long-term public rental housing reconstruction projects was examined to ensure the economic and sustainable growth of public rental housing. The research found that the compensation for the accumulated deficit is needed. Also the research analyzed and identified the factors affecting the economic feasibility of reconstruction projects. The significant factors identified in this research are: the supply price of pre-sale/rental housing in the reconstruction project, total cost of the reconstruction project, and total floor area of the reconstruction project. According to the analysis results, it is necessary to increase the rent of existing long-term public rental housing, expand the government subsidy, increase the supply price of pre-sale/rental housing, and reduce the total project cost. However, there are limitations. For example, the fluctuations of construction market, residents' burden of housing costs, and the limit of the budget of the public housing authority. The increasing total Floor Area Ratio(FAR) limitation of the reconstruction project would be the realistic solution to the problem because it gives incentives to the reconstruction project.

• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.189-203
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• 2020

Purpose - This study aims in analyzing the dynamic relationship between household loans and housing prices according to the characteristics of depository institutions after the financial crisis, identifying the recent trends between them, and making policy suggestions for stabilizing house prices. Design/methodology/approach - The monthly data used in this study are household loans, household loan interest rates, and housing prices ranging from January 2012 to May 2020, and came from ECOS of the Bank of Korea and Liiv-on of Kookmin Bank. This study used vector auto-regression, generalized impulse response function, and forecast error variance decomposition with the data so as to yield analysis results. Findings - The analysis of this study no more shows that the household loan interest rates in both deposit banks and non-bank deposit institutions had statistically significant effects on housing prices. Also, unlike the previous studies, there was statistically significant bi-directional causality between housing prices and household loans in neither deposit banks nor non-bank deposit institutions. Rather, it was found that there is a unidirectional causality from housing prices to household loans in deposit banks, which is considered that housing prices have one-sided effects on household loans due to the overheated housing market after the financial crisis. Research implications or Originality - As a result, Korea's housing market is closely related to deposit banks, and housing prices are acting as more dominant information variables than interest rates or loans under the long-term low interest rate trend. Therefore, in order to stabilize housing prices, the housing supply must be continuously made so that everyone can enjoy housing services equally. In addition, the expansion and reinforcement of the social security net should be realized systematically so as to stop households from being troubled with the housing price decline.