주택유형에 따른 투자수요 변동에 관한 연구 - 글로벌 금융위기 시기를 중심으로* -

Abstract

The aim of this study is to investigate determinants of housing tenure choice, paying particular attention to housing specific investment value and market value. This study applied the binary logit model to investigate the determinants of housing tenure choice in terms of household and housing characteristics. From the Housing Survey data from 2006 to 2012, this study found that housing specific investment value varies according to housing types and economic circumstances in the housing market. In Apartment market, in 2006 when housing price increased, the investment value significantly affected home ownership. However, when decreasing housing price caused by global economic crisis, the investment value in the apartment market significantly reduced. When the apartment market was stabilized, the investment value of apartment did not recover. However, single family housing showed indifference to housing price change. The results show that investment demand changes not only by macro-economic factors but also housing type characteristics. This study is significant in that first, it derived from the analysis of housing tenure choice two critical variables, housing specific investment value and market value, which had not been applied before. Second, this study empirically proved that the determinants of housing tenure choice in terms of housing specific investment value are different according to housing types.