공시가격 현실화율의 변화가 수도권 아파트 매매가격에 미치는 영향에 관한 연구

A study on the impact of changes in the publicly announced price realization rate on apartment sales prices in the metropolitan area

This study empirically analyzes the impact of the official price realization ratio of comprehensive real estate tax on apartment sales prices, aiming to identify the effects of the realization policy on stabilizing the real estate market. The research focuses on the Seoul metropolitan area (Seoul, Gyeonggi, and Incheon) and examines how changes in the realization ratio, including that of the Gangnam 3 Districts (Gangnam, Seocho, and Songpa), affect apartment prices. The findings are as follows. First, during the entire period spanning the Moon Jae-in and Yoon Suk-yeol administrations, the increase in the realization ratio of collective housing led to a decline in apartment prices in Seoul and Gyeonggi. Specifically, during the Moon Jae-in administration, the continuous increase in the realization ratio caused apartment prices to decline across all areas of the metropolitan region. This indicates that the policy served as a regulatory factor in stabilizing the real estate market in the Seoul metropolitan area. Second, during the Moon Jae-in administration, the increase in the realization ratio for the Gangnam 3 Districts resulted in apartment price declines in Seoul and Gyeonggi. Conversely, under the Yoon Suk-yeol administration, the reduction in the realization ratio for the Gangnam 3 Districts led to a rise in apartment prices in the same regions. These results highlight the varying responses of regional real estate markets to changes in the realization ratio. This study provides empirical evidence of the impact of the official price realization ratio policy on stabilizing the real estate market in the Seoul metropolitan area. It offers valuable insights for future real estate tax policy development while emphasizing the need for further research to explore the broader implications of other components of comprehensive real estate tax policies.