토지임대부 분양주택의 자산가치 할인 효과와 시장 동조화 실증분석 = Empirical Analysis on the Asset Value Discount and Market Synchronization of Land - Leasehold Housing

다국어 초록 (Multilingual Abstract)

This study empirically analyzes the asset value and market characteristics of land-leasehold housing to provide implications for alternative housing supply models, such as the government's recent 'New:Home' initiative. Analyzing transaction data of Gangnam and Seocho from 2015 to 2024 using Weighted Repeat Sales (WRS) and Hedonic Price models, the study identifies these housings as market-linked assets. WRS results indicate higher returns during booms and relative downside rigidity during busts, primarily supported by its absolute price advantage. Complementing this time - series perspective, cross-sectional Hedonic analysis reveals an average discount of 20.0% for the absence of land ownership. This discount dynamically narrowed in overheated markets but widened by an additional 4.8%p during downturns, reflecting increased risk premiums. Robustness checks using separated regression and capitalized rent models further confirmed the statistical validity of these findings. Recognizing that these housings are fully exposed to market fluctuations and risks, this study suggests transitioning from rigid profit recapture mechanisms toward market - based disposal principles to ensure the long - term sustainability of the system.