This paper aims at exploring the recent trend of housing rental market and the actual condition of tenants in Daegu after the IMF(International Monetary Fund) crisis. The so-called IMF crisis greatly shocked the real estate market of Korea. Just after...
This paper aims at exploring the recent trend of housing rental market and the actual condition of tenants in Daegu after the IMF(International Monetary Fund) crisis. The so-called IMF crisis greatly shocked the real estate market of Korea. Just after the crisis, the real estate market experienced a serious recession and a sharp downfall of prices. This downfall of real estate prices was an unhistorical event in Korea. Korean government and some experts recognized it as a structural change of real estate market and expected its constant stableness. Thus, Korean government relaxed the previous regulative policies for the real estate market. However, the prices of real estates including housing has risen highly since the end of 1999. At last, housing prices including rental fee took a jump in the years of 2001 and 2002. The sharp rise of housing prices happened even in Daegu where real estate market was relatively stabilized, comparing to Seoul metropolitan area. According to housing rental condition survey in Daegu for this study, the unstability of real estate market and the rise of housing rental fee has brought about residential crisis of low-income tenants in spite of the recovery of Korean economy from the IMF crisis. Housing tenants recognize the shortage of Chonsei rental as the most serious hardship in the recent housing problems. However, it does not actually mean the shortage of Chonsei rental, but the shortage of Chonsei rental to be suitable to their income. That is to say, the sharp rise of rental fee is the essence of housing problem for tenants in Daegu.