모아타운과 토지거래허가제의 중첩효과 - 서울 중랑구 다세대 · 연립주택을 중심으로

The Overlapping Effects of the Moa-Town Designation and the Land Transaction Permit System : Focusing on Multi-family and Row Housing in Jungnang-gu, Seoul

This study empirically examined the effects of the Moa-Town (Small-Scale Housing Improvement Management Areas) designation and the land transaction permit system on the transaction prices of multi-family and row houses in Jungnang-gu, Seoul. Transaction data from January 2024 to June 2025 were collected and analyzed using a hedonic pricing model. Robust standard errors were applied to address heteroskedasticity identified during estimation. The results showed that exclusive floor area and building age had negative effects on transaction prices, indicating that larger or older units tended to trade at lower values. In contrast, floor level had a positive effect, with higher story units transacting at higher prices. Regarding institutional factors, both the Moa-Town designation and the land transaction permit system individually raised prices; however, when the two were applied concurrently, the positive effects were partially offset, resulting in a negative interaction. External environmental factors were only marginally significant, with some educational facilities and subway accessibility negatively associated with prices. These findings suggest that when regulatory and development-oriented policy signals are simultaneously applied in the same area, the housing market may experience complex and contradictory price responses. Notably, low-rise residential areas, unlike apartment complexes, were more sensitive to institutional interventions, highlighting the need for tailored policy design to balance market stability with housing welfare.