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한국주거환경학회|논문집 <주거환경> 2019년 3월

논문명 A Study on Effects of Regional Economic Characteristics on Apartment Price in Old Town of Big Local Cities - Focused on Gwangju Metropolitan City -
저자명 박덕연; 김종진
발행사 한국주거환경학회
수록사항 한국주거환경학회 논문집 <주거환경>, Vol.17 No.1(통권 제43호) (2019-03)
페이지 시작페이지(237) 총페이지(16)
ISSN 17380316
주제분류 도시
주제어 ; Old Town; Vector Error Correction Model; Local Economic Characteristic Variables; Apartment Market
요약2 The widely adopted vector error correction model was used in the factor analysis of multiple time series data as this analytical method involves input variables characterized by time series variance with macroeconomic variables and regional features. Implications from these results can be shown as follows. First, apartment prices in old downtowns were found to be sensitive with economically active population. This study revealed that as the percentage of economically active population increases, apartment prices in the old downtown correspondingly rose. Consumer price index is expected to increase due to inflation triggered by limited land and resources as well as improved income level. Thus, regional difference in apartment prices in the old downtown can be seen in a long-term perspective. Yet this continuous rise is expected to remain ongoing. Whether educational environment, transportation, and residential convenience in old downtowns are constantly provided should be considered. If these services are reduced, it is obvious to see a staggering rise in apartment prices in the old downtown compared to new downtown so that this should be noted in terms of investment. Second, interest rate was a sensitive variable affecting apartment prices in the old area. As real estate is more expensive than ordinary commodities, most people use borrowed capitals. The redemption of the principal for borrowed money is sensitive to interest rates. In particular, the rise of interest rate leads to the decreasing actual household income when lending interest rate with variable rates is applied. Due to dramatic effects on apartment demand, the change in the financial market will serve as a crucial variable in investing or determining the apartment demand of actual residents.
소장처 한국주거환경학회
언어 영어
DOI http://dx.doi.org/10.22313/reik.2019.17.1.237