부동산 조세 및 대출 규제가 법인의 수도권 주택시장 참여에 미치는 영향

To stabilize housing prices in Seoul, the Korean government has strengthened tax and housing finance regulations against individuals. However, it has led to increased participation of “corporations” in the housing market as buyers. In this light, this research aims to analyze the effect of the housing regulations against individuals on apartment transactions by corporations. The study reviewed nation- and city-wide housing regulations from July 2017 to July 2020 and conducted a panel regression analysis over 76 areas within the greater Seoul Metropolitan Area (SMA). Since the number of apartments purchased by corporations and the intensity of regulations differ across regions, the analysis was implemented separately on: the greater Seoul area (Model 1); the peripheral areas within the greater SMA excluding Seoul (Model 2); and Seoul only (Model 3). The empirical outcomes reveal that while Models 1 and 2 show a positive relationship between housing regulations and the number of housing purchases by corporations, Model 3 did not show a significant correlation. These outcomes imply that tax and financial penalties against individuals encouraged participation of corporations in the housing market in general, but the tendency varies; the peripheral cities of the greater SMA experienced growing number of corporate housing purchases whereas Seoul did not. Therefore, it is necessary to fully understand characteristics of local markets when regulating the real estate market.