As for regarding identical property market, the price variation of Korean property market has different characteristics. So, the aim of this study is analyzing regional price variation to be different from other studies not concerning with regional ap...
As for regarding identical property market, the price variation of Korean property market has different characteristics. So, the aim of this study is analyzing regional price variation to be different from other studies not concerning with regional approach. Namely, making apartment which is most typical Korean housing type an object of this study, we classify into a large three Groups, Seoul metropolitan city, Gyeonggi-do and Busan metropolitan city to compare regionally and make an analysis of comparing regional lotting prices with transaction prices.
First, in case of Seoul city, lotting and transaction prices of CBD has strong tendency against others, the prices of the northwest and southeast apartment of Seoul city have high price in comparison with southwest and northeast area, in other words they have distinct discrepancy. In a side of average housing size, they also have differences, CBD's average housing size is the largest, and next is southeast. Other area have no differences each other except upside two areas.
In case of Gyeonggi-do, lotting price had been raised highly in 1998 and 2003 comparing with past years, but now has a stable and gentle slope. In a side of average housing size, it shows regionally a little differences, southeast area is confirmed that it has more large-sized housing because a number of apartment is supplied in Yongin city, Bundang New town alternative and there assembled large-sized apartment in comparison with Ilsan, Gimpo and other areas.
Busan metropolitan city has similar price level in three dwelling area in 1996, but showed a little raising price slope from 1998 and it changed highly sharp from 2002. In other words, lotting prices in Busan went up entirely, it has similar phase in eastern area not but western.
In contrast to Seoul, Gyeonggi-do and Busan, there were no differences of lotting prices till 1997, Currency crisis occurred. Especially, lotting prices in Busan city is more expensive than Gyeonggi-do in that time. However, raising rate of lotting prices in Seoul is higher than others from 1998 and lotting price of newly apartment in Gyeonggi-do have passed over Busan. Transaction prices of newly housing in Busan has nearly changed but, in Gyeonggi-do, it increased slowly. Housing price raising lasted continuously in Seoul.