The Effects of Apartment Price Changes on Residents’ Settlement Consciousness in Seoul

Abstract

The purpose of this study is to analyze the impact of real estate price changes in Seoul on residents’ settlement awareness. In addition, this study tried to figure out whether pride as a Seoul citizen has the effect of controlling the relationship between apartment prices and residential consciousness. To this end, the panel analysis was conducted from 2013 to 2017 based on the results of the survey of urban policy indicators in Seoul Survey and the housing price trend data of KB Kookmin Bank. According to the analysis, residents’ settlement awareness in areas where apartment prices are high is rather low. However, if you have a strong sense of pride as a Seoul citizen, you can also check the adjustment effect of relatively high settlement awareness even if apartment prices rise. Although various studies have been conducted on factors affecting residents’ settlement awareness, this study is meaningful in that it analyzed the relationship between apartment prices and settlement consciousness, which is a real economic factor. In line with the central government’s real estate stabilization policy, local governments should focus on efficient policies to curb soaring real estate prices.