외지인은 부동산을 비싸게 매입하는가? : 제주도의 아파트 시장에 대한 실증분석

There is a belief that out-of-state buyers pay more for real estate than in-state buyers in Jeju Island. We investigate whether the belief is true in condominium market, in which information on transaction prices is diffused more quickly compared with other types of houses. And we explore whether the premium is driven by anchoring-induced bias or by search cost if out-of-state buyers pay more. For the study's purpose, we adopt a SPAR model and a repeat sale price model as alternative models instead of a conventional hedonic price model. The data of transaction prices from July 2006 to March 2013 is used to estimate our models. The analysis results reveal that the rate of premium paid by out-of-state buyers is about 4.2% for condominium. And we find that out-of-state buyers from non-high-priced regions as well as out-of-state buyers from high-priced regions pay more for condominium than in-state buyers, and that out-of-state buyers from high-priced regions pay much more than out-of-state buyers from non-high-priced regions. From the results we conclude that the premium paid by out-of-state buyers in Jeju Island is driven by anchoring effect(anchoring-induced bias) as well as by search cost.