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Friday, April 6 • 3:30pm - 4:00pm
FR3.30.58 Sejong-Si: Comparison of Housing Price's Spatial Impact Before and After Development

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Sejong-si(city) has been established since 2004 to disperse the national governmental functions of Seoul Metropolitan Area(From now on SMA), which is the busiest region in Korea. It is the administrative capital, so can be said that it is similar to Brasilia and Ankara.
Sejong-si is the largest new city project in Korea, which is expected to attract 500,000 people by 2020. Unlike the case that the existing new city functions as bed town, Sejong-si would have a significant impact on the population movement and the housing market because it was built to share the administrative function itself.
This research focuses on analyzing how residence provisions regulated around the regional new towns affect local markets by comparing the aspects of neighboring housing markets before and after the development of Sejong-Si. First of all, the Sejong-si(former Yeongi-gun)’s housing submarket newly established, because there is no submarket division to inquire into the actual status. Afterwards, the housing price index is newly computed with a Si∙Gun∙Gu as a unit, because the Korea Appraisal Board does not provide a regional index in the province precinct. Finally, Granger causality test conducted to analyze the spatiotemporal influence.
The research's major conclusions could be summarized as follows. First of all, it was able to confirm that the influenced directions have become different before and after the inauguration, by separating and producing Sejong-si's housing submarket's price index, the setting criterion on the inauguration point of Sejong-si, 2012. Secondly, by analyzing our primary research area, it came to a conclusion that Sejong-si had more influencing regions than influenced regions before September 2012, but after then, Sejong-si changed and became more influential.

Kim Sunghwan, Yonsei University; Kim Kabsung, Yonsei University

Friday April 6, 2018 3:30pm - 4:00pm EDT
Provincial Ballroom (2nd Floor)