정부의 부동산 정책과 부동산 투자와의 상관관계

The Correlation between the Real Estate Policy of the Government and the Investment

1. CONTENTS (1) RESEARCH OBJECTIVES All people believe that there may be a close correlation between the real estate policy of the government and the investment in it. But there is no result of the verification to show its actual relationship correctly. Through the actual proof of the relation, the correlation of both will be inspected. By doing so, this thesis intended to put an essence on recognizing how the real estate policy of the government influences the investment in it. (2) RESEARCH METHOD To reach the purpose of the study, the theories concerned with the government policy and the real estate investment are observed at first. First of all, from a wide range of references, the notions of the real estate policy are set up and then the theories of the existing policy and the investment summarized up. Also the applicable data include the theories, the selective real estate polices between 1998 and 2009, the economic statistics system of Korea Bank (the total loan of the real estate and the rental service), the housing construction supply of Ministry of Land, Transport and Maritime Affairs between 2000 and 2008, and "Governmental approvals of the housing construction (yearly, monthly and locally). (3) RESEARCH FINDINGS The policies of revitalizing or stabilizing the economy displayed nearly a few differences in the width of the fluctuation at each timing period but usually they tended to follow what the government tried to do on purpose. All the 3 timing points in Figure 8 excluding Sep of 2008 showed the lift-up in the next month. As it was said in the above, however, the government policy of the real estate plays a role of a helper in the overall frame of the stable residential living of the people in terms of the stabilization or revitalization of the real estate market for relieving its overheating and slump caused from the ones of the macro economy, not should not be against the general economy. In the meaning, it is generally believed that the correlation between the policy and the investment of the real estate moves forward the direction of '+' as it was indicated and however they said market does not seem to move significantly against the government policy of the real estate unlike the gerneral market. 2. RESULTS According to the government policy concerning the real estate is the directivity of its investment analyzed, and the fluctuation of the apartment price, too. There have been quite many of these enough to browse the environmental change of the investment. It was not easy, however, to find out the direction of the investment of the real estate in the macro view. Through this dissertation, it is possible to recognize that it is true that the government policy influences the investment concerned and the direction of the real estate investment moves forward the one where the government intends. It was scrutinized that a government policy of the real estate influences in a good reason of the stability of the real estate market positively, not meaning that the market and investment concerning the real estate does move against the macro market, as it was compared in the above.