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KDI - Korea Development Institute

KDI - Korea Development Institute



Policy Study Price Spillover Effects in Housing Market: Reconstruction of Apartment December 31, 2019


Series No. 2019-10

Policy Study KOR Price Spillover Effects in Housing Market: Reconstruction of Apartment #Real Estate #General(Other)
DOI P-ISBN979-11-5932-516-8 E-ISBN979-11-5932-542-7

December 31, 2019

  • 프로필
    MOON, Yoon Sang
This paper studies price spillover effects in housing market, utilizing a policy change on apartment reconstruction. Under the circumstance of various years built of houses in Seoul, the policy on reconstruction applies to a part of houses in Seoul. However, the policy change may affect the whole housing market via spillover effects of the policy.

To investigate spillover effects, I suggest an extended version of difference- in-difference model that captures both the direct and spillover effects of the policy. Using thorough data on apartments in Seoul, combined with geographical information, I found a significant spillover effect that diminishes with the distance from apartments in the process of reconstruction. Meanwhile, the direct effect is found insignificant. The spillover effect seems to make it hard to capture the direct effect of the policy since the prices of houses near the reconstruction apartments follow the prices of the reconstruction apartments. In sum, the spillover effect of the policy was a crucial factor in the housing market of Seoul in 2018.

This study finds a type of externalities which is prevalent in housing market. This spillover effect must be taken into account when policies are applied not only to the whole market, but to a part of the houses.
요 약

제1장 서 론

제2장 아파트와 재건축 정비사업
 제1절 주택의 공급과 아파트
 제2절 재건축 정비사업
 제3절 재건축 안전진단 기준 개정

제3장 아파트 자료와 가격변화
 제1절 아파트단지 및 가격 자료
 제2절 아파트의 가격지수
 제3절 건축연한에 따른 가격변화

제4장 재건축정책 변화의 효과
 제1절 실증모형
 제2절 정책의 직접효과
 제3절 정책의 가격전이효과
 제4절 동태적 정책효과

제5장 맺음말

부 록
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