(The) effect of land transaction volume with Chinese investors on Jejudo's housing sales price = 중국인 토지거래금액이 제주도 주택매매가격에 미치는 영향

다국어 초록 (Multilingual Abstract)

Foreign real estate investment in Jejudo, especially Chinese land transaction volume has grown considerably during the last few years since Jeju Special Self-Governing Province issued the Real Estate Investment Immigration System promotion program in 2010. The main purpose of this study is to explore the relationship between Jeju’s housing sales price and land turnover with foreign investors, aiming at Chinese real estate investors. This trend is estimated to exert an important macroeconomic effect on maintaining a higher housing price and even a long lasting housing bubble. The modeling of Jeju’s housing sales price is proposed from the point of view of a positive economic reaction for the real estate industry and from the point of view of an enormous demand for the travel industry. Using time series data from October 2012 to February 2016, the hypothesis arising from land trading volume with Chinese investors modeling reveals the consistency of this approach. There are also other relevant determining factors that exist from the housing price side and from the whole real estate dimension. Indeed, the real Gross Regional Domestic Product growth rate, Jeju’s population growth rate, and Korean benchmark interest rate are all related determinants, which explain the sustained increase in Jejudo’s housing purchase price. It is acknowledged that the control variables are multivariate and the Multiple Linear Regression Analysis is applied into this research paper. On the other hand, taking time series into consideration, Stata statistical method is also implemented into this study. Last but not least, in order to find out whether the relationship between the economic variables is spurious or nonsensical, the Unit Root Test Using ADF Test and Cointegration Test are interpreted adequately and put into use. In the final conclusion, the research results show that there is the presence of a contemporaneous long-term relationship between Jeju’s housing sales price and Chinese land transaction volume.

목차 (Table of Contents)

• CHAPTER I. INTRODUCTION 1
• 1. Research Objectives and Significance of Study 1
• 2. Research Methodology 2
• 3. Thesis Outline 2
• CHAPTER II. LITERATURE REVIEW 3
• 1. Literature Review about the Determinants of Housing Price 3
• 2. Literature Review about Foreign Real Estate Investment Affecting Housing Sales Price 4
• CHAPTER III. THE ANALYSIS OF THE STATUS QUO OF CHINESE REAL ESTATE INVESTMENT IN JEJUDO 6
• 1. Introduction to Jeju 6
• 2. Real Estate Investment Immigration System in South Korea 9
• 3. Land Ownership Status Classified by Nationality 12
• CHAPTER IV. VARIABLES, MODEL, RESULTS AND ANALYSIS OF DATA 18
• 1. Variables and Model 18
• 2. Regression Results and Stata Analysis of Data 26
• 3. Nonstationary Time Series Processing Steps and Analysis of Data 28
• 1) The Definition of Stationary Stochastic Processes 28
• 2) The Unit Root Test Using ADF Test 30
• 3) Testing For Cointegration 34
• CHAPTER V.CONCLUSION 41
• BIBLIOGRAPHY 44
• APPENDIX 50
• Abstract in Korean 57