이자율의 변화가 재건축 아파트 가격에 미치는 영향에 관한 연구

A Study on the Effect of Changes in Interest Rates on the Price of the Rebuilt Apartment

1. CONTENTS (1) RESEARCH OBJECTIVES Rebuilt apartment housing price can be seen to be due to the reflection of expectations towards increases in its economic value since the rebuilding project in economic terms. The price of the rebuilt apartment has the possibility of responding sensitively to the macroeconomic variable such as interest rates in this terms. This phenomenon could find expression better in the district of higher expected benefits of the rebuilding project. (2) RESEARCH　METHOD This study attempted to identify the selling price of apartment housing nationwide, in Seoul and in the Kangnam-gu on the basis of the presence or absence of rebuilding and then investigate the effect of such macroeconomic variables as interest rates on the selling price of apartment houses.(VAR) (3) RESEARCH FINDING Reconstruction result of examining the structure of the apartment price formation apartment prices in macroeconomic variables such as interest rate movements were affected. In particular, if the reconstruction project is expected to be profit, interest rates were expected to further increase the influence. 2. RESULTS As a result, it was found that the price of rebuilt apartment houses dropped as interest rates increased but that there was no effective relationship between interest rates and selling prices in case of non-rebuilt apartment houses. On the one hand, it was found that the drop in the price of rebuilt apartment houses with the increase in interest rates was higher in orders of Songpa-gu, Kangnam-gu, known to be high in the expected benefit of the rebuilding project.