베이비부머의 은퇴와 아파트가격의 규모탄력성

Baby Boomers' Retirement and the Elasticity of Apartment Price to Size - A Case Study of Jung-Dong New Town, Bucheon City -

1. CONTENTS (1) RESEARCH OBJECTIVES The purpose of this paper is to evaluate the effect of Korean baby boomers' retirement which began in 2010 on the apartment price in Jung-Dong New Town, Bucheon City. (2) RESEARCH METHOD This study is based on a statistical regression model. The analyzed sample contains 12,668 transactions which have been occurred in Jung-Dong New Town during the time period from January, 2006 to December. 2012. (3) RESEARCH FINDINGS The facts found can be summed up as follows: First, the overall price level of apartments analyzed appears to have reached the peak around the year 2010 and dropped till now thereafter. Second, the larger the apartment' s size (i.e., the living space) was, the faster the rate of price falling was. Third, the recent depression of apartment market seems to have been caused by an excessive supply of large size apartments which are thought to have been offered for sale by retiring baby boomers. Finally, the elasticity of apartment price to size looks to have reached the peak around the year 2007 and declined thereafter till the year 2012. 2. RESULTS These findings mean that baby boomers already began to circulate their real estate starting with somewhat spacious apartments.