• International conference on construction engineering and project management
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• 2009.05a
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• pp.1015-1022
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• 2009

Currently, Korean real estate market has experienced cooling down of the business because of the global economic crisis which resulted from the subprime mortgage lending practice. In response, the Korean government has enforced various policies at the base of deregulating real estate speculation, such as increasing Loan to value ratio (LTV) in order to stimulate housing demand and supply. However, these policies seemed to result in deep confusion in the Korean housing market. Furthermore, analysis for housing market forecasting, especially international financial crisis on Korean real estate market, has been partial and fragmentary, therefore comprehensive solution and systematical approach is required to analyze the real estate and real estate financial market including causal nexus between market determining factors. In an integrated point of view, applying the system dynamics modeling, the paper aims at proposing Korean Real Estate and Mortgage market dynamics models based on fundamental principles of housing market determined by supply and demand. We also find the impact of deregulation policies focusing on mortgage loan which is the main factors of policies.

• Journal of Digital Convergence
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• v.16 no.9
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• pp.125-132
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• 2018

Despite the fact that corporate real estate ratio accounts for a considerable proportion of the assets, such researches and studies are lacking and there is not enough such policies to utilize real estate more effectively in Korea. In particular, after IFRS adoption, the owner and manager needs to utilize corporate real estate assets as the assets are revalued. In this study, we analyzed the relationship between corporate governance, corporate real estate holding policies and firm value based on financial data from 2010 to 2016. As a result of regression analysis, this study showed that more Dictatorship Portfolio, the higher proportion of corporate real estate holdings. Next, the higher proportion of corporate real estate holdings, the lower the firm value. This study suggests that corporate real estate is recognized an important factor and should have proper holding ratio. I will continue my research to show that the corporate holding policies are an important asset impact by verifying the mediating effect between corporate governance and firm value in the future.

• The Journal of the Korea Contents Association
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• v.8 no.10
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• pp.129-141
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• 2008

Comprehensive real estate taxes needs to be improved so that it performs its intended functions by realizing fair taxation and stabilizing the price of real estate, and ultimately attains social justice in Korea. This study analyzed the current state of comprehensive real estate taxes through a questionnaire survey, and the results are summarized as follows. First, in the analysis of people's perception on the adequacy of the tax rate of comprehensive real estate taxes, those who owned a house worthy of 600 million won or a higher value as an object of real estate tax perceived the adequacy of the tax rate more negatively than those who owned a house of less than 600 million won. The same result was observed for comprehensive real estate taxes on lands. Second, in the analysis of the contribution of comprehensive real estate taxes to the accomplishment of policies, the respondents showed a high frequency of positive replies to some of policies related to comprehensive real estate taxes.

• Journal of the Korea Convergence Society
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• v.11 no.12
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• pp.199-205
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• 2020

As many government policies have been announced today regarding real estate, especially housing, interest in prices in the housing market has increased significantly. In this study, I would like to present the direction of government policies by analyzing the relationship among income instability, the psychological condition of real estate price changes and willingness to adjust real estate holding ratio. First, major variables were extracted through the prior study review, and using a survey, data were collected and path analysis was conducted. According to the analysis, the current income instability had a negative impact on the psychological condition of real estate price changes, and a positive influence on the willingness to adjust real estate holding ratio, but the psychological condition of real estate price changes did not have a statistically significant impact on the willingness to adjust real estate holding ratio. Thus, the difference analysis was conducted between groups by dividing the ages and the number of dependents respectively. According to the analysis, the impact of income instability and psychological condition of real estate price changes on willingness to adjust real estate holding ratio differed between groups divided by ages and number of dependents. The results of this analysis will help the government to establish real estate policies and help each household to use the analysis as basic data when they make a decision about real estate. On the other hand, this study has limitations that have only been conducted cross-sectional analysis and analyzing time series changes and differences in perception between regions are going to be conducted in a future study.

• The Journal of the Convergence on Culture Technology
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• v.7 no.1
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• pp.256-263
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• 2021

This paper studies the problems and improvements of government real estate policies. Moon Jae-in government shifted toward regulation and pledge to curb the tax imposed by speculators. It strengthened regulations on reconstruction and bank loans rather than supply, and raised capital gains taxes. As the government implemented measures, emphasizing political logic rather than the economy, the market is unstable and the economy is in a recession. Land has increased the vicious cycle of problems due to population growth, industrialization, urbanization, and wealth growth. Mis-established land policies not only accelerate land prices, but also accelerate the use of disordered land and lead to disruptions in the trading order. In addition, real estate is so difficult to recover from the land problem that it is difficult to contain water that has been spilled once. This is called the irreversible nature of land. Once the land price rises, it is difficult to regain control and reckless development leads to the destruction of the ecosystem, making it difficult to return. This is why such a complex real estate issue should not be implemented as if it were a punishment in a short period of time with government policies. This paper aims to examine the problems of real estate policies and to examine ways to improve them.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.225-237
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• 2024

Purpose - This study aims to explore the relationship between housing and land prices, with a specific emphasis on the impact of government policies on these factors such as land supply quantity and the ratio of residential land to total land supplied. The goal is to identify the most effective government intervention strategies for controlling both housing and land prices. Design/methodology/approach - Data from 70 primary and medium-sized cities in China spanning from 2003 to 2017 are utilized in this research. The analysis employs a panel vector autoregressive (PVAR) model, with a primary focus on examining the relationships among housing prices, land prices, and government intervention policies. Findings - Housing and land prices are influenced by various factors. Through impulse response analysis and variance decomposition, it is observed that both housing and land prices are predominantly influenced by their internal dynamics, with comparatively weaker effects attributed to policy interventions. Research implications or Originality - By investigating the impact of government policies on housing and land prices, This study establishes a foundation for effective price control measures. Our study advocates for a comprehensive examination of China's land supply mechanism to enhance understanding of the pathways through which government policies influence the markets.

• Journal of the Korean Society for Library and Information Science
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• v.56 no.3
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• pp.47-72
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• 2022

This study aims to understand the trends of subjects related to real estate policies and public's emotional opinion on the policies. Two keywords related to real estate policies such as "real estate policy" and "real estate measure" were used to collect tweets created from February 25, 2008 to August 31, 2021. A total of 91,740 tweets were collected and we applied sentiment analysis and dynamic topic modeling to the final preprocessed and categorized data of 18,925 tweets. Sentiment analysis and dynamic topic model analysis were conducted for a total of 18,925 posts after preprocessing data and categorizing them into supply, real estate tax, interest rate, and population variance. Keywords of each category are as follows: the supply categories (rental housing, greenbelt, newlyweds, homeless, supply, reconstruction, sale), real estate tax categories (comprehensive real estate tax, acquisition tax, holding tax, multiple homeowners, speculation), interest rate categories (interest rate), and population variance categories (Sejong, new city). The results of the sentiment analysis showed that one person posted on average one or two positive tweets whereas in the case of negative and neutral tweets, one person posted two or three. In addition, we found that part of people have both positive as well as negative and neutral opinions towards real estate policies. As the results of dynamic topic modeling analysis, negative reactions to real estate speculative forces and unearned income were identified as major negative topics and as for positive topics, expectation on increasing supply of housing and benefits for homeless people who purchase houses were identified. Unlike previous studies, which focused on changes and evaluations of specific real estate policies, this study has academic significance in that it collected posts from Twitter, one of the social media platforms, used emotional analysis, dynamic topic modeling analysis, and identified potential topics and trends of real estate policy over time. The results of the study can help create new policies that take public opinion on real estate policies into consideration.

• East Asian Journal of Business Economics (EAJBE)
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• v.9 no.1
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• pp.63-69
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• 2021

Purpose - This study examines the regressive estate taxation issues and seeks measures for the rationalization of property taxation. Although various discussions on the reorganization of property taxation have been made, discourses on how much property taxation burden is given to homeowners and on whether the increase of property taxation should be shifted to tenants have not been properly carried out. Research design, data, and methodology - Therefore this study examined the property taxation issues and sought measures for the rationalization of property taxation based on homeowners' social and economic characteristics. This study deals with discussions on the directions for rational real estate reorganization and what desirable real estate market stabilization polices are. Result - This study investigates what issues and disputes the powerful real estate policies to ease overheat of the real estate market have caused and seeks directions to solve those. Conclusion - The study results supports that the real estate taxation would be levied in proportion to the economic capacity of real estate owners to pay taxes. It implies that tax levy not only in conjunction with income, but also in combination with existing real estate assets would be considered to be desirable in terms of comprehensive tax justice.

• Land and Housing Review
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• v.12 no.4
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• pp.41-59
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• 2021

This study reviews theoretical considerations and past studies about real estate prices, macroeconomic variables, and real estate policies. Monthly data from January 2003 to June 2021 are used, and a VEC model, the most widely used multivariate time series analysis method, is employed for analysis. Through the model, the effects of macroeconomic variables and real estate regulatory policies on real estate prices in Seoul are analyzed. Findings are summarized as follows. First, macroeconomic variables such as money supply and interest rates do not have a significant impact on Seoul's apartment prices. Due to the high demand for housing and insufficient supply, there is a demand for buying a home regardless of macroeconomic booms or recessions. Second, tax and financial regulatory policies have an initial impact on the rise in apartment prices in Seoul, and their influence diminishes over time. Third, anti-speculation zones are expected to decrease apartment prices through the suppression of demand. However, these zones cause a rise in apartment prices. This could be understood as a lock-in effect due to the strengthening of capital gains tax. Fourth, the price ceiling did not decrease apartment prices. These findings propose that, in Seoul, where demand is high and supply is insufficient, the supply of high-quality and sufficient housing should be prioritized over various regulations such as tax regulations, financial regulations, anti-speculation zones, and price caps. Moreover, the findings provide an implication that city-specific real estate policies should be implemented for Seoul rather than regulation-oriented approaches in public policy.

• Korean Journal of Construction Engineering and Management
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• v.11 no.1
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• pp.101-112
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• 2010

The Korean real estate market currently is experiencing a slowdown due to the global economic crisis which has resulted from subprime mortgage lending practices. In response, the Korean government has enforced various policies, based on intend to deregulate real estate speculation, such as increasing the Loan to value ratio (LTV) in order to stimulate housing supply, demand and accompanying housing transactions. However, these policies have appeared to result in deep confusion in the Korean housing market. Furthermore, analyses for housing market forecasting particularly those which examine the impact of the international financial crisis on the Korean real estate market have been partial and fragmentary. Therefore, a comprehensive and systematical approach is required to analyze the real estate financial market and the causal nexus between market determining factors. Thus, with an integrated perspective and applying a system dynamics methodology, this paper proposes Korean Real Estate and Mortgage Market dynamics models based on the fundamental principles of housing markets, which are determined by supply and demand. As well, the potential effects of the Korean government's deregulation policies are considered by focusing on the main factor of these policies: the mortgage loan.