부동산정책변화가 거시경제에 미치는 영향

The factors affecting real estate value can be classified into two categories at the nation level in South Korea: one is political factor, and the other is socio-economic one. This research focuses on analyzing the effects of real estate value changes caused by political factor and understanding the interaction between the changes in real estate value and regulations on real estate market. According to the results of our empirical analysis, it is found that the financial regulation or policy on housing market have negative effects on all market types. Especially, the high mortgage loan interest rate on housing market has greatly effects on the apartment sale demand side. This result shows that regulation policy has large impacts on the real estate value in South Korea.