Segmentation of the Housing Market and its Determinants: Seoul and its neighbouring new towns in Korea |
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| Authors: | Kabsung Kim Juyoung Park |
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| Institution: | 1. Yonsei University , Korea;2. Korea Rural Economic Institute , Korea |
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| Abstract: | This study identifies the spatial pattern of housing price changes and their determinants in Seoul and its neighbouring new towns. The results of a cluster analysis show that the spatial pattern of housing price change rates is nor correlated with housing prices. It is found that housing price change rates vary with the Chonse price index and money supply, building permit area, stock price index, and yield on 3 year corporate bonds. It is also shown that the more apartment units that are built in a region, the lower the housing price change rate. |
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| Keywords: | Housing sub-market housing price housing price change rate cluster analysis hedonic price model |
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