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A Review Of The Korean Housing Market And Related Policies

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  • Jae†young Son

Abstract

Essentially an update of Renaud (1989). K.Y. Kim (1991), and K.H. Kim (1993), this paper introduces the Korean housing market and policies, but from a distinct perspective. Housing conditions in Korea have dramatically improved both in terms of quantity and quality over the past 35 years. The market has mainly accommodated buyers of new houses, while ignoring or even sacrificing needs of low income households. This is the result of government control of the market mostly by regulations on new for†sale houses rather than by budgetary or financial resources. Both the weakness and strength of this housing supply system were clearly revealed by the price hikes in the late 1980s and by the mass production of houses, which finally stabilized the market As for major current policy problems, the suggestions put forth in this paper emphasize fewer regulations and more involvement of the private sector.

Suggested Citation

  • Jae†young Son, 1997. "A Review Of The Korean Housing Market And Related Policies," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 9(1), pages 80-99, March.
    • Handle: RePEc:bla:revurb:v:9:y:1997:i:1:p:80-99
    DOI: 10.1111/j.1467-940X.1997.tb00098.x
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    Cited by:

    1. Kim, Jinwon, 2013. "Financial repression and housing investment: An analysis of the Korean chonsei," Journal of Housing Economics, Elsevier, vol. 22(4), pages 338-358.
    2. Jae-Young Son & Yun-hi Won & Choon-Geol Moon, 2003. "Changing Conditions and Quality of Housing," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 62(1), pages 211-237, April.
    3. Moon, Byunggeor, 2018. "Housing investment, default risk, and expectations: Focusing on the chonsei market in Korea," Regional Science and Urban Economics, Elsevier, vol. 71(C), pages 80-90.
    4. Hee Jin Yang, 2020. "Spatio-Temporal Changes of Housing Features in Response to Urban Renewal Initiatives: The Case of Seoul," Sustainability, MDPI, vol. 12(19), pages 1-12, September.

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