| Title |
An Analysis on Housing Price Fluctuations by Announcement Effect of Real Estate Policy |
| Keywords |
Announcement Effect ; Real Estate Policy ; Housing Price Fluctuations ; Volatility |
| Abstract |
Since the start of the Participatory Government in Korea in February 2003, real estate policies have been announced more than 20 times. Despite such efforts of the Korean government, however, there has been no real estate policy in Korea that succeeded in preventing overheating of the real estate market and stabilizing real estate prices in certain regions.
This study lied in investigating difference of monthly and regional volatility of prices from the point of real estate policy announcement and analyzing the announcement effects and thereby providing data for establishment of policies for the future.
The result of the study indicated that the Real Estate Policy announced on Oct. 29th, 2003 had stronger effect on 3 districts in Gangnam area and other Gus. In addition, comprehensive real estate policy was found to have stronger effect than partial one. In the analysis of the announcement effect of a real estate policy released on May 23rd, 2005, in case that there was a time interval between pre-notice and implementation, the policy had an effect at the point of pre-notice, and the real estate market consisted of semi-strong efficient markets. |