earticle

영어

This paper investigates patterns of investors toward real-estate market. And, this paper does empirical tests to prove whether investors’ investing patterns are changed from the metropolitan area to the rural area. Namely, economic weakness of metropolitan area affects to investors’ pattern of investment to the rural area such as Busan or Jeju. This paper uses the Granger-causality test to investigate our research questions. Results of this paper shows that ‘Housing Purchase Price Composite indices of Busan’ affects to ‘Housing Purchase Price Composite indices of Seoul’; ‘Apartment Purchasing Price Index of Busan’ affects to ‘Housing Purchase Price Composite indices of Seoul’; ‘Apartment Purchasing Price Index of Jeju’ affects to ‘Apartment Purchasing Price Index of Seoul.’ Test results show that ‘Housing Purchase Price Composite indices of Jeju’ affect to ‘Housing Purchase Price Composite indices of Seoul’ mutually. And, ‘Housing Purchase Price Composite indices of Busan’ affects to ‘Housing Purchase Price Composite indices of Jeju’ and this also affects to ‘Housing Purchase Price Composite indices of Seoul.’ After the financial crisis in 2008, instead of decreasing attraction toward investment in ‘Sudokwon’ area, investors are more attractive to non-‘Sudokwon’ area as an investment’s targets. That makes increase housing prices in non-‘Sudokwon’ area. This also presses ‘Sudokwon’ area to make increase housing prices in ‘Sudokwon’ area. Housing prices are decreased in both ‘Sudokwon’ and non-‘Sudokwon’ area simultaneously. With the Granger-causality test, this paper finds investment pattern of investors between ‘Sudokwon’ and non-‘Sudokwon’ area. Also, this paper finds the direction of investment between them. With this, we expect that housing markets will be reshuffled with the real-demander for housing markets.