주택가격 상승기의 주택투자 결정 요인

• 영문명: Determinants of the Housing Investment during Periods of Increasing Housing Price: Focusing on “Gap Speculation”
• 발행기관: 한국도시부동산학회(구.도시정책학회)
• 저자명: 이성원(Lee, Sungwon)
• 간행물 정보: 『도시부동산연구』13권 2호, 21~50쪽, 전체 30쪽
• 주제분류: 사회과학 > 행정학
• 파일형태: PDF
• 발행일자: 2022.06.30

영문 초록

The aim of the study is to examine the determinants of housing gap speculation from 2017 to 2020. Housing price have steeply increased last 5 years in Korea. The median apartment sale prices in the Seoul Metropolitan Areas (SMAs) increased by about 60.5% from about 370 million won in 2017 to about 590 million won in 2021. Housing policy makers believe that young people who cannot afford to buy a house with their own income and assets entered the housing market through gap speculation, and thereby housing prices skyrocketed with increasing housing effective demand. Therefore, various demand-side strategies have been applied to curb speculative demand. Extensive financial borrowing restrictions and increase in tax, nevertheless, have not stopped the rise in housing prices. This study focuses on what gap speculation is and what characteristics gap speculators have. Theoretically, it can be conceptualized as buying a house on a cheonsei contract - a kind of rental agreement, but a unique Korean way to rent a house with only a long-term and large deposit - for the purpose of capital gains without a plan to live there. From the empirical study, we can find several things as follows. Contrary to the stereotype about young speculators, gap speculator tends to increase with age. They can be estimated as a group that are low-income groups compared to renters or homeowners but increase savings by reducing current consumption for future consumption. Their net assets are relatively high, but they reduce housing costs by living in small, old, and poor places. It implies that actual gap speculators can be not general speculators, but can be those who really need affordable places to live in someday.

목차

Ⅰ. 연구의 배경 및 목적

Ⅱ. 이론적 고찰

Ⅲ. 분석의 틀

Ⅳ. 결과 및 해석

Ⅴ. 결론

참고문헌

키워드

주택구입 주택투자 소비수요 투자수요 점유형태 주택시장 갭투자 Housing Purchase Residential Property Investment Consumption Demand Investment Demand Tenure Choice Housing Market Gap Speculation