• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2008.11a
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• pp.371-375
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• 2008

Nowadays, Korean Housing Market have been unstable because of the global economic fluctuation such as steady decline in the interest rate and the house price bubble. While Korean Government policy responses these state, rapidly changing policies led to deep confusion in the Korean Housing Market. In this situation, Analysis for housing market forecasting has been partial and fragmentary, therefore comprehensive solution and systematical approach is required to analyze the housing market including causal nexus between market determining factors. In an integrated point of view, applying the system dynamics modeling, the paper aims at proposing basic Korean housing market dynamics models based on Fundamental principles of housing market determined by supply and demand.

• Korean Journal of Construction Engineering and Management
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• v.10 no.3
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• pp.42-52
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• 2009

From the beginning of 2000, Korean housing market has experienced cyclical volatility because of the global economic fluctuation such as steady decline in the interest rate and the house price bubble. In response to these state Korean Government announced policies about housing sales system kinds of Sales Unit Price Restraint and Post-Sales System to stabilize housing market. But such policies has brought unprecedented arguments both for and against, most of whom still seem to stick to self-centered judgement ahead of impact on housing market. In an integrated point of view, applying the system dynamics modeling, the paper aims at proposing basic Korean housing market dynamics models based on basis principles of housing market determined by supply and demand. And then, after research policies about housing sales system, analyze Impact on Korean Housing Market by change of Sales Systems applying policies to basic Korean housing market dynamics models.

• International conference on construction engineering and project management
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• 2013.01a
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• pp.151-157
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• 2013

Since the sub-prime mortgage crisis from the US in 2008, the Korean housing market has plummeted. However, the deposit prices of the Korean local lease contract, Chonsei, had been increasing. This increase of Chonsei prices can be a threat to low-income people, most of whom prefer to live in houses with a Chonsei contract. In the housing and Chonsei market, there are many stakeholders with their own interest, hence, simple thoughts about housing and Chonsei market, such as more house supply, will decrease house price, would not work in a real complex housing market. In this research, we suggests system dynamics conceptual model which consists of causal-loop-diagrams for the Chonsei market as well as the housing market. In conclusion, the Chonsei price has its own homeostasis characteristics and different price behavior with housing price in the short and long term period. We found that unless government does not have a structural causation mind in implementing policies in the real estate market, the government may not attain their intended effectiveness on both markets.

• Land and Housing Review
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• v.9 no.4
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• pp.1-9
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• 2018

Since year 2000, French housing and rent prices rose at a rapid rate and the housing market has been overheated. Face to this phenomena, the French government enacted a new law Alur which is a legislatif tool to control the private housing rent price for the cities, where the tension of the housing market is very high. This new law has impacted the housing market in two major ways. First, for the 38 cities designated by this law, the rent price's increase rate can not rise above the IRL, which is the rent reference index. Secondly, this law also permits local authorities to control the housing rent's price following the concrete price guidance. Especially in Paris, the city applicated this method for private rental housing since 2015. This city classified its own area by 14 zones. Based on the market surveys of each sector, local authority made a guidance for private housing rent's price. The guideline is consisted of average prices, maxima and minima price by types, which is classified by the construction year, number of rooms and furnished or not. Therefore, this study aims to understand french housing rent's price control system and draw implementation for korean housing rent policies. This research is meaningful for it introduces recent foreign regislations which could be helpful to control the housing market in Korea.

• International conference on construction engineering and project management
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• 2017.10a
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• pp.176-182
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• 2017

The housing market is divided into several sub-markets that operate independently. One of them is the distinction between rental and sales markets. Simultaneously, since the housing is a commodity as well as an asset, it has a close relationship between the rental market and the sales market. Due to the unique structure of Korea, it is difficult to apply the general method to analyze the housing market. This means there is a great deal of concern about side effects from the policy. Actually, the government's subsequent regulation of speculative demand in the future may be necessary to prevent market overheating, but at the same time, there is a fear that the rent will rise. Although changes in policy direction may be inevitable due to changes in market conditions, frequent and sudden changes in policy cause confusion in market participants, causing unrest in the housing market. This study aims to derive main factors and correlation with other housing market factor. These factors will be a base of qualitative housing market model to analyze the market effect of the demand-supply shift. Modeling is based on the system dynamics methodology, which is useful for identifying interactions between variables reflecting various variables in the housing market. The model discussed in this study is expected to provide integrated insight into the key variables of the housing market, away from the monopolistic thinking. It can also be useful as a means of assessing the effectiveness of policies.

• Korean Journal of Construction Engineering and Management
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• v.15 no.5
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• pp.147-159
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• 2014

After 2008 global financial crisis, Korean housing market has experienced stagnation. So it caused housing market problems like housing price reduction, rising rent cost and so on. For housing market normalization government announced policies but Korean housing market didn't recover from stagnation. So, to understand why Korean housing market couldn't overcome the recession and why the policies didn't be effective, this research analyzed housing market participants (home owner, housing demand) based on the law of supply and demand and the psychological effect on their transaction intention based on behavioral economics(behavioral finance). Based on the analysis this research tested the effectiveness of announced policies using System Dynamics. The result showed that the amount of transaction and mortgage loan was influenced by the length of time to draft policies.

• Journal of the Economic Geographical Society of Korea
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• v.19 no.4
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• pp.743-763
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• 2016

This paper aims to figure out properties of housing system under the socialist market economy, which is formed after China's Reform and Opening-up. The characteristics of Chinese housing system under socialist market economy are actually a subtype of capitalist housing model because of the existing clear commodity housing market and the weakness of public land ownership. Furthermore, the government is leading agent of the capitalistic transition and marketization. Also this government-driven marketization has specialty on the feature based on the socialist tradition such as public land ownership.

• 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.

• Korean Journal of Construction Engineering and Management
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• v.6 no.3 s.25
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• pp.144-155
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• 2005

Since 1950s, the Korean housing market has continually experienced the chronicle lack of housing stock because of lower housing investment in comparison with a population explosion, prompt urbanization and rapid restructuring of family. The Korean housing market have thus been driven not by the pricing model by housing demand-supply chain but by the Korean housing policies focusing on the increase of housing supply and the living stability of the middle or low-income bracket. After all, repetitive economic vicious circle of housing price and the increase of unsold apartments aggravated the malfunction of the Korean housing market. Meanwhile, the Korean construction firms have exacerbated their profitability. Such terrible situations are mainly triggered by the Korean construction firms that weighed on the short-term profits and quick response of the government policy alterations rather than the prospect of housing market Therefore, this research focusing on the dynamics of housing market identified and classified the demand and supply elements that consist not only of housing system structures but also of the environmental elements that affect the structures. Based on the system thinking and traditional theory of consumer's choice, the interactions of these elements were constructed as a causal loop diagram that explains the mutual influences among housing subsystems with feedback loops. This paper describes and discusses about the causes of the dynamic changes in the Korean housing market. This study would help housing suppliers, including housing developers, construction firms, etc., to form a more comprehensive understanding on the fundamental issues that constitute the Korean housing market and thereby increasing their long term as well as minimizing the risk involved in the housing supply businesses.

• The Journal of Information Technology and Database
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• v.6 no.2
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• pp.115-130
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• 1999

The price structure of housing market varies depending upon market price policy rather than low or high price policy because of IMF. The object of this study is to develop an analysis system for analyzing housing market and its demand. The analysis system consists of four major categories: macro index analysis, market decision analysis, housing market analysis, and consumer analysis. We model each category by using a variety of techniques such as generalized linear model, categorical analysis, bubble analysis, drill-down analysis, price sensitivity meter analysis, optimum price index analysis, profit index measurement analysis, correspondence analysis, conjoint analysis, and multidimensional scaling analysis. Seoul apartment data is analyzed to demonstrate the practical usefulness of the system.