주택 규제정책이 아파트 전매거래량에 미치는 영향

A Study on the Influence of Housing Regulation Policy on the Trading Volume in Pre-sale Apartment Ownership Market

Under the Korean ownership pre-sale system, developers can sell ownership of apartment units as soon as they start to construct apartment complexes. In Korean apartment market, people call this kind of pre-completion apartment ownership as Bun-yang-kwon or Yip-ju-kwon. Since there is a time difference between ownership sales and apartment completion, people often transfer their apartment ownerships during the construction period. This study examines the effect of housing regulation policies on the trading volume in pre-sale apartment ownership market. Specifically, this study analyzes the trading volume of pre-sale apartment ownership in 72 autonomous administrative districts(Gu) of Seoul, Busan, Daegu, Incheon, Gwangju, Daejeon and Ulsan from January 2006 to December 2016 respectively. The independent variables are classified into real estate regulation policy characteristics, local real estate market environment characteristics, and local demand - supply characteristics. This study uses the LSDV(Least Squared Dummy Variables) model to consider differences between panel groups such as autonomous administrative districts in fixed effect panel analysis. The empirical research finds that the real estate policies have significant effects on the trading volume in pre-sale apartment ownership market. In addition, this study shows that the local real estate market environment and demand - supply characteristics of each autonomous districts have significant impacts on trading volume in pre-sale apartment ownership market.