외지인은 부동산을 비싸게 매입하는가?: 제주도의 아파트 시장에 대한 실증분석 = Do Out-of-state Buyers Pay More for Real Estate?: Evidence from the Condominium Market in Jeju Island

다국어 초록 (Multilingual Abstract)

There is a belief that out-of-state buyers pay more for real estate than in-state buyers in Jeju Island. We investigate whether the belief is true in condominium market, in which information on transaction prices is diffused more quickly compared with other types of houses. And we explore whether the premium is driven by anchoring-induced bias or by search cost if out-of-state buyers pay more. For the study``s purpose, we adopt a SPAR model and a repeat sale price model as alternative models instead of a conventional hedonic price model. The data of transaction prices from July 2006 to March 2013 is used to estimate our models. The analysis results reveal that the rate of premium paid by out-of-state buyers is about 4.2% for condominium. And we find that out-of-state buyers from non-high-priced regions as well as out-of-state buyers from high-priced regions pay more for condominium than in-state buyers, and that out-of-state buyers from high-priced regions pay much more than out-of-state buyers from non-high-priced regions. From the results we conclude that the premium paid by out-of-state buyers in Jeju Island is driven by anchoring effect(anchoring-induced bias) as well as by search cost.

참고문헌 (Reference)

1 이용만, "부동산시장의 이례현상들" 한국주택학회 20 (20): 5-40, 2012

2 Wheaton, W. C., "Vacancy, Search, and Prices in a Housing Market Matching Model" 98 : 1270-1292, 1990

3 Haan, Jan de, "The Measurement of House Prices : A Review of the Sale Price Appraisal Ratio Method" 34 : 51-86, 2009

4 Cauretie, T. M., "The Effect of Time-on-Market and Location on Search Costs and Anchoring: The Case of Single-Family Properties" 35 : 181-196, 2007

5 Kahneman, D., "Prospect Theory: An Analysis of Decision under Risk" 47 (47): 263-292, 1979

6 Tversky, A., "Judgment under Uncertainty: Heuristics and Biases" 185 (185): 1124-1131, 1974

7 Miller, N., "Japanese Purchases, Exchange Rates and Speculation in Residential Real Estate Markets" 3 (3): 39-49, 1988

8 Turnbull, G. K., "Information, Search, and House Prices" 23 : 545-557, 1993

9 Song, S., "Home Buyers' Characteristics and Selling Prices" 5 : 11-14, 1998

10 Lambson, Val E., "Do Out-of-State Buyers Pay More for Real Estate? An Examination of Anchoring-Induced Bias and Search Costs" 32 (32): 85-126, 2004

11 Slovic, P., "Comparison of Bayesian and Regression Approaches to the Study of Information Processing in Judgment" 6 : 649-744, 1971

12 Bourassa S. C., "A simple Alternative House Price Index Method" 15 : 80-97, 2006

13 Yavas, A., "A Simple Search and Bargaining Model of Real Estate Markets" 20 (20): 533-548, 1992

14 Yinger, J., "A Search Model of Real Estate Broker Behavior" 71 : 591-605, 1981

15 Bailey, M. J., "A Regression Method for Real Estate Price Index Construction" 58 : 933-942, 1963